Use the Incomplete Stockholders' Equity Section of Box Company's Balance

Multiple Choice

Use the incomplete stockholders' equity section of Box Company's balance sheet as of December 31, 2016, to answer the following question. $\begin{array}{lr}\text { Common stock, } \$ 7 \text { par, 100,000 shares authorized } & \$ 700,000 \\\text { Additional paid-in capital-common } & 160,000 \\\text { Retained earnings } & ? \\\text { Treasury stock ( } 2,000 \text { shares at cost) } &(16,000) \\\text { Total stockholders' equity } &974,000 \\\end{array}$ ? How many shares of common stock are outstanding?

A) 100,000
B) 98,000
C) 78,000
D) 68,000