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Computing Shares Outstanding The 2008 annual report for Fortune Brands, the seller of Pinnacle golf balls and MasterLock padlocks, disclosed that 750 million shares of common stock have been authorized. At the end of 2007, 235 million shares had been issued and the number of shares in treasury stock was 81 million. During 2008, 1 million common shares were reissued from treasury, and 5 million common shares were pur-chased for treasury stock.

Required: Determine the number of common shares ( a) issued, ( b) in treasury, and ( c) outstanding at the end of 2008.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9974909

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