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 issues 12 million shares to investors and later repurchases 3 million shares.The number of issued shares after these transactions have been accounted for is:

A) 12 million shares.
B) 11 million shares.
C) 9 million shares.
D) 5 million shares.