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) $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?