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 ($2 par value) $ 78,000. Additional paid-in capital 28,000. Retained earnings 48,000. Common equity $ 154,000. Treasury stock (5,000 shares) 22,000. Net common equity $ 132,000.

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?