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

How many shares a. issued, b. outstanding and c. how many more shares can be issued without the approval of shareholders?

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