Computing Shares Outstanding
The annual report for Philip Morris Companies, Inc., disclosed that 4 billion shares of common stock have been authorized. At the end of last year, 2,805,961,317 shares had been issued and the number of shares in treasury stock was 380,474,028. During the current year, no additional shares were issued but additional shares were purchased for treasury stock and shares were sold from treasury stock. The net change was a decrease of 5,047,286 shares of treasury stock. Determine the number of shares out-standing at the end of the current year.
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