The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, Year 3, is as follows:Shareholders’ Equity     Preferred stock, $100 par value; authorized, 300,000 shares; issued, 34,500 shares    $3,450,000Common stock, $5 par value; authorized, 2,000,000 shares; issued, 405,000 shares    2,025,000Paid-in capital in excess of par—preferred    97,000Paid-in capital in excess of par—common    897,000Retained earnings    3,200,000     $9,669,000 The following events occurred during Year 4:Jan. 5    10,000 shares of authorized and unissued common stock were sold for $7 per share.16    10,000 shares of authorized and unissued preferred stock were sold for $108 per share.Apr. 1    76,000 shares of common stock were repurchased for the treasury at a price of $16 per share. Superior uses the cost method to account for treasury stock.Sept. 1    3,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $390,500. The preferred stock currently trades on the New York Stock Exchange at a price of $109 per share.Dec. 1    26,000 shares of treasury stock are reissued at a price of $26 per share. Calculate the number of authorized, issued, and outstanding common shares as of December 31, Year 4.

The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, Year 3, is as follows:
Shareholders’ Equity     
Preferred stock, $100 par value; authorized, 300,000 shares; issued, 34,500 shares    $3,450,000
Common stock, $5 par value; authorized, 2,000,000 shares; issued, 405,000 shares    2,025,000
Paid-in capital in excess of par—preferred    97,000
Paid-in capital in excess of par—common    897,000
Retained earnings    3,200,000
     $9,669,000
 
The following events occurred during Year 4:
Jan. 5    10,000 shares of authorized and unissued common stock were sold for $7 per share.
16    10,000 shares of authorized and unissued preferred stock were sold for $108 per share.
Apr. 1    76,000 shares of common stock were repurchased for the treasury at a price of $16 per share. Superior uses the cost method to account for treasury stock.
Sept. 1    3,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $390,500. The preferred stock currently trades on the New York Stock Exchange at a price of $109 per share.
Dec. 1    26,000 shares of treasury stock are reissued at a price of $26 per share. Calculate the number of authorized, issued, and outstanding common shares as of December 31, Year 4.