Shares to Be Sold. Simon Corporation has 800,000 common shares outstanding. The capital budget for the upcoming year is $2 million. New stock may be sold for $20 a share. (a) What is the number of...

Shares to Be Sold. Simon Corporation has 800,000 common shares outstanding. The capital budget for the upcoming year is $2 million. New stock may be sold for $20 a share.

(a) What is the number of shares that must be sold to obtain the needed funds? (b) What percent of the total shares outstanding will the new stockholders own?