Islands Resorts has 1,750,000 shares of authorized common stock, each having a
$1 par value. Over the years, it has issued 1,532,000 shares, but currently
63,000 are held as treasury stock. The additional paid-in capital of the company
is presently $5,314,000.
a. How many
shares are now outstanding?
b. If the
company were able to sell stock at $19 per share, what is the maximum amount it
could raise under its existing authorization, including treasury shares?
would be its common stock and additional paid-in capital accounts after the
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