Assume the following information for Petra Sales, Inc
- Common Stock, $1.00 par, 232,000 shares issued, 186,000 shares outstanding
- Paid-In Capital in Excess of Par: Common: $1,770,000
- Retained Earnings: $2,450,000
- Treasury Stock: 26,000 shares purchased at $12 per share
If Petra Sales purchases an additional 13,000 shares of treasury stock at $18 per share, what number of shares will be shown as issued and outstanding?
A) 18 issued; 186,000 outstanding
B) 219,000 issued; 186,000 outstanding
C) 232,000 issued; 173,000 outstanding
D) 232,000 issued; 186,000 outstanding
C .C) Total no. of shares outstanding = 186,000 - 13,000 = 173,000 shares
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