Assume the following information for Western Sales, Inc.:
• Common Stock, $1.00 par, 232,000 shares issued, 185,000 shares outstanding
• Paid-In Capital in Excess of Par—Common: $1,690,000
• Retained Earnings: $2,460,000
• Treasury Stock: 47,000 shares purchased at $17 per share
If Western Sales purchases an additional 8000 shares of treasury stock at $20 per share, what number of shares will be shown as issued and outstanding?
A) 185,000 issued; 185,000 outstanding
B) 224,000 issued; 185,000 outstanding
C) 232,000 issued; 177,000 outstanding
D) 232,000 issued; 185,000 outstanding
C) 232,000 issued; 177,000 outstanding
Explanation: Total no. of shares outstanding = 185,000 - 8000 = 177,000 shares
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