Oxford Inc

Multiple Choice

Oxford Inc. was authorized to issue 100,000 £10 par value ordinary shares. As of December 31, 2014, the company had issued 44,000 shares at an average price of £22 per share. During 2014, the company felt that the shares were undervalued so it purchased 10,000 treasury shares at £18 per share. When the share price rebounded later in the year, the company sold 4,000 of the treasury for £25. Retained earnings was £829,000 at December 31, 2014. As of December 31, 2014, the number of outstanding ordinary shares is

A) 34,000.
B) 38,000.
C) 44,000.
D) 100,000.