The charter of Vista West Corporation specifies that it is authorized to issue 218,000 shares of common stock. Since the company was incorporated, it has sold a total of 157,000 shares (at $16 per share) to the public. It has bought back a total of 14,000. The par value of the stock is $4. When the stock was bought back from the public, the market price was $22. Required: 1. Determine the authorized shares