How many shares can be issued without approval of shareholde, Finance Basics

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How many shares can be issued without approval of shareholde

Problem

The authorized share capital of the Alfred Cake Company is 140,000 shares. Currently 29,000 shares are issued and outstanding. The equity is currently shown in the company's books as follows:

Common stock	138,000
Retained earnings	39,000
Common equity	177,000

i. How many more shares can be issued without the approval of shareholders?
ii. If the company issues 11,800 shares at $8.06 a share, show how this will appear in the company's books.

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Finance Basics: How many shares can be issued without approval of shareholde

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