The authorized share capital of the Alfred Cake Company is 120,000 shares. The equity is currently shown in the company's books as follows:

Common stock ($1 par value)$74,000

Additional paid-in capital24,000

Retained earnings44,000

Common equity $142,000

Treasury stock (1,000 shares)18,000

Net common equity$124,000

a.How many shares are issued?

b.How many shares are outstanding?

c.How many more shares can be issued without the approval of shareholders?