Presented below is information related to Schoenthaler Corporation:

Common Stock , $5 par

$1,100,000

Paid-in Capital in Excess of Par - Common Stock

400,000

Preferred 5.5% Stock, $100 par

1,500,000

Paid-in Capital in Excess of ParPreferred Stock

500,000

Retained Earnings

2,000,000

Paid-in Capital in Excess of Cost - Treasury Stock

150,000

Treasury stock ($20 at cost)

300,000

How many shares of common stock are outstanding?

400,000

315,000

220,000

205,000