The following is a list of the items to be included in the preparation of Warrick Company's 2019 statement of cash flows:

1. Net income, $53,000
2. Payment for purchase of building, $92,000
3. Increase in accounts receivable, $7,000
4. Proceeds from issuance of common stock, $38,300
5. Increase in accounts payable, $4,300
6. Proceeds from sale of land, $9,000
7. Depreciation expense, $10,000
8. Payment of dividends, $38,000
9. Gain on sale of land, $3,000
10. Decrease in inventory, $3,700
11. Payment for purchase of long-term investments, $8,400
12. Amortization of discount on bonds payable, $1,600
13. Proceeds from issuance of note, $18,000
14. Increase in deferred taxes payable, $5,300
15. Equipment acquired by capital lease, $18,600
16. Decrease in salaries payable, $2,500
17. Beginning cash balance, $21,600

Prepare the statement of cash flows. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments.

Operating Activities:
Accounts receivableCashNet incomeNet lossRetained earnings	$- Select -
Adjustment for noncash income items:
Add: Accumulated depreciationAdd: Depreciation expenseAdd: Increase in accounts payableLess: Depreciation expenseLess: Increase in deferred taxes payable	- Select -
Add: Accumulated depreciationAdd: Amortization of discount on bonds payableAdd: Increase in accounts payableLess: Depreciation expenseLess: Increase in deferred taxes payable	- Select -
Add: Accumulated depreciationAdd: Increase in deferred taxes payableAdd: Increase in accounts payableLess: Depreciation expenseLess: Increase in deferred taxes payable	- Select -
Add: Increase in accounts payableAdd: Loss on sale of landLess: Depreciation expenseLess: Gain on sale of landLess: Increase in deferred taxes payable	- Select -
Adjustments for cash flow effects from working capital items:
Decrease in accounts receivableDecrease in depreciation expenseIncrease in accounts payableIncrease in accounts receivableIncrease in inventory	- Select -
Decrease in accounts receivableDecrease in depreciation expenseDecrease in inventoryIncrease in inventoryIncrease in salaries payable	- Select -
Decrease in accounts payableDecrease in accounts receivableIncrease in accounts payableIncrease in inventoryIncrease in salaries payable	- Select -
Decrease in accounts receivableDecrease in salaries payableDecrease in taxes payableIncrease in inventoryIncrease in salaries payable	- Select -
Net cash provided by operating activities		$fill in the blank 9e66060c2fe6f8e_19
Investing Activities:
Payment for purchase of buildingPayment for purchase of equipmentPayment of dividendsProceeds from issuance of common stockProceeds from issuance of note	$- Select -
Payment for purchase of equipmentPayment of dividendsProceeds from issuance of common stockProceeds from issuance of noteProceeds from sale of land	- Select -
Payment for purchase of equipmentPayment for purchase of long-term investmentsPayment of dividendsProceeds from issuance of noteProceeds from issuance of preferred stock	- Select -
Net cash used for investing activities		fill in the blank 9e66060c2fe6f8e_26
Financing Activities:
Payment for purchase of equipmentPayment for purchase of short-term investmentsPayment of accounts payableProceeds from issuance of common stockProceeds from issuance of preferred stock	$- Select -
Payment for purchase of equipmentPayment for purchase of short-term investmentsPayment of accounts payableProceeds from issuance of noteProceeds from issuance of preferred stock	- Select -
Payment of dividendsPayment for purchase of short-term investmentsPayment of accounts payableProceeds from issuance of noteProceeds from issuance of preferred stock	- Select -
Net cash provided by financing activities		fill in the blank 9e66060c2fe6f8e_33
Cash, January 1, 2019Cash, December 31, 2019Incurrence of capital lease obligation for equipmentNet decrease in cashNet increase in cash		$- Select -
Cash, January 1, 2019Cash, December 31, 2019Incurrence of capital lease obligation for equipmentNet decrease in cashNet increase in cash		- Select -
Cash, January 1, 2019Cash, December 31, 2019Incurrence of capital lease obligation for equipmentNet decrease in cashNet increase in cash		$- Select -
Investing and Financing Activities Not Affecting Cash
Investing Activities:
Acquisition of equipment under capital leaseCash, January 1, 2019Cash, December 31, 2019Incurrence of capital lease obligation for equipmentNet increase in cash		$- Select -
Financing Activities:
Acquisition of equipment under capital leaseCash, January 1, 2019Cash, December 31, 2019Incurrence of capital lease obligation for equipmentNet increase in cash		- Select -

Question Content Area

2. Assume the company's preferred stock has been selling for $110 per share during 2019. How many shares would the company have had to issue to avoid having a decrease in cash during the year?