Question Content Area

Accounting for Shares

Waterport Sales' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. Waterport sold 262,500 shares and reacquired 1,650 of those shares. The reacquired shares were held as treasury stock. Later Waterport sold an additional 16,300 shares and purchased 3,100 more treasury shares.

Required:

Determine the number of issued and outstanding shares.