Problem
JD and Turk Company began operations on 1/1/2018 and issued shares of common stock and preferred stock on that date. No additional shares of common or preferred stock have been issued since the original issuance in 2018. The following information relates to JD and Turk as of December 31, 2020:
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Balance Sheet Information
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Common Stock, $1 par value
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200,000
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APIC - Common Stock
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3,000,000
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Preferred Stock, cumulative, non-participating, $5 par, 10%
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150,000
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APIC - Preferred
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60,000
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Treasury Stock - 3,000 common shares repurchased in 2019
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27,000
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Beginning Retained Earnings (as of 1/1/20)
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200,000
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Income Statement Information
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Net Income
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120,000
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On 12/31/2020, JD and Turk declared cash dividends totaling $80,000. This was the first dividend ever declared by the company.
How many shares of Common Stock are outstanding as of 12/31/2020?