The directors of Canada Corporation, whose 50 par value share capital is currently selling at 60 per share, have decided to issue a 10% share dividend. The corporation which has an authorization for 1,000,000 shares had issued 500,000 shares, of which 100,000 are now held as treasury. How many shares are outstanding after the share dividends were issued?

Answer is 440,000 but please show solutions in good form.