The stockholders' equity section of Brent Corporation's balance sheet as of December 31, 2016 Stockholders' Equity Common stock, $5 par value; authorized, 2,000,000 shares; issued, 400,000 shares $2,000,000 Paid in capital in excess of par $850,000 Retained Earnings $3,000,000 Total $5,850,000 The following events occurred during 2017: 1.) Jan 5 10,000 shares of authorized and unissued common stock were sold for $9 per share. 2.) Jan 16 Declared a cash dividend of 40 cents per share, payable February 15 to stockholders of record on February 5. 3.) Feb 11 40,000 shares of authorized and unissued common stock were sold for $11 per share. 4.)Apr 1 A two-for-one split was carried out. The par value of the stock was reduced to $2.50 per share. Market value on March 31 was $18 per share.
The
Stockholders' Equity
Common stock, $5 par value; authorized, 2,000,000 shares;
issued, 400,000 shares $2,000,000
Paid in capital in excess of par $850,000
Total $5,850,000
The following events occurred during 2017:
1.) Jan 5 10,000 shares of authorized and unissued common stock were sold for $9 per share.
2.) Jan 16 Declared a cash dividend of 40 cents per share, payable February 15 to stockholders of record on February 5.
3.) Feb 11 40,000 shares of authorized and unissued common stock were sold for $11 per share.
4.)Apr 1 A two-for-one split was carried out. The par value of the stock was reduced to $2.50 per share. Market value on March 31 was $18 per share.
5.) Jul 1 A 10% stock dividend was declared and issued. Market value is currently $10 per share.
6.) Aug 1 A cash dividend of 40 cents per share was declared, payable September 1 to stockholders of record on August 21.
B.)As of August 1, how many shares of common stock were authorized, issued, and outstanding?
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