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

Common stock ($2 par value)	$	80,000
Additional paid-in capital		30,000
Retained earnings		50,000
Common equity	$	160,000
Treasury stock (2,000 shares)		24,000
Net common equity	$	136,000

a.	How many shares are issued?

Number of shares issued

b.	How many shares are outstanding?

Outstanding shares

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

Number of shares issued