Computing Number of Shares
The charter of Mansfield Corporation specifies that it may issue 200,000 shares of common stock. Since the company was incorporated, it has sold a total of 160,000 shares to the public but bought back a total of 20,000. The par value of the stock is $3 and the stock was sold at an average price of $16. When the stock was bought back from the public, the market price was $20.
Required:
1. Determine the authorized shares.
2. Determine the issued shares.
3. Determine the outstanding shares.
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