5. Equity Accounts. The authorized share capital of the Alfred Cake Company is 100,000 shares. The equity is currently shown in the company's books as follows: (LO14-3) $ 60,000 Common stock ($1 par...

Equity Accounts. The authorized share capital of the Alfred Cake Company is 100ares. The equity is currently shown in the picture  a. How many shares are issued? b. How many shares are outstanding? c. How many more shares can be issued without the approval of shareholders?

Extracted text: 5. Equity Accounts. The authorized share capital of the Alfred Cake Company is 100,000 shares. The equity is currently shown in the company's books as follows: (LO14-3) $ 60,000 Common stock ($1 par value) Additional paid-in capital Retained earnings Common equity 10,000 30,000 $100,000 Treasury stock (2,000 shares) 5,000 $ 95,000 Net common equity a. How many shares are issued? b. How many shares are outstanding? c. How many more shares can be issued without the approval of shareholders?