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RCC Corporation had the following share amounts of common stock at year-end - Authorized Shares 300,000 shares Issued Shares - 40,000 shares Treasury Stock -

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RCC Corporation had the following share amounts of common stock at year-end - Authorized Shares 300,000 shares Issued Shares - 40,000 shares Treasury Stock - 2,000 shares Calculate the following amounts at year-end (clearly labeling each amount and how you calculated it): 1. The number of Outstanding Shares 2. The maximum shares the corporation may issue 3. The dollar amount of the Common Stock account assuming the market value at year-end is $12 and the par value is $10. Suggested answer format: 1. Outstanding Share number = 2. Maximum Share number = 3. Balance in Common Stock account =$

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