A Corporate Charter Specifies That the Company May Sell Up

Multiple Choice

A corporate charter specifies that the company may sell up to 20 million shares of stock.The company sells 12 million shares to investors and later buys back 3 million shares.The current number of shares of treasury stock after these transactions have been accounted for is:

A) 3 million shares.
B) 8 million shares.
C) 9 million shares.
D) 17 million shares.