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The authorized share capital of the Alfred Cake Company is 100,000 shares. The equity is currently shown in the company's books as follows: Common stock

The authorized share capital of the Alfred Cake Company is 100,000 shares. The equity is currently shown in the company's books as follows:

Common stock ($2 par value)$70,000

Additional paid-in capital20,000

Retained earnings40,000

Common equity$130,000

Treasury stock (5,000 shares)14,000

Net common equity$116,000

a.How many shares are issued?

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