Please Refer to the Following Information for Petra Sales Company

question 54

Multiple Choice

Please refer to the following information for Petra Sales Company:
• Common stock, $1.00 par, 200,000 issued, 180,000 outstanding
• Paid-in capital in excess of par: $1,600,000
• Retained earnings: $2,440,000
• Treasury stock: 20,000 shares purchased at $12 per share
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If Petra Sales purchases an additional 5,000 shares of treasury stock at $14 per share, what number of shares will be shown as issued and outstanding?

• A) 175,000 issued; 180,000 outstanding
• B) 195,000 issued; 180,000 outstanding
• C) 200,000 issued; 175,000 outstanding
• D) 200,000 issued; 180,000 outstanding

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