Solution: The balance sheet of Warner Co. showed the following data about its common stock, par $10. Authorized shares               100,000 Outstanding shares               55,000 Issued shares             

Problem

The balance sheet of Warner Co. showed the following data about its common stock, par $10.

Authorized shares               100,000

Outstanding shares               55,000

Issued shares                       60,000

The number of treasury shares was:

A. 40,000

B. 45,000

C. 30,000

D. 5,000