The 2016 annual report for Mega Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2015, 770 million shares had been issued and the number of shares in treasury stock was 99 million. During 2016, the only common share transactions were that 16 million common shares were reissued from treasury and 22 million common shares were purchased and held as treasury stock. Required: Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2016.

a) Share issued = 770 million

b) Treasury stock = 105 million

c) Share outstanding = 665 million

Explanation:

As per the data given in the question,

Disclosed shares = 1 billion

Share in treasure stock = 99 million

Issued share = 16 million

Purchased shares = 22 million

Issued stock is same at 770 million

Treasury stock = 99 million - 16 million + 22 million

= 105 million

Share outstanding = 770 million - 105 million

= 665 million

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