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Rao Corporation shows the following information in the shareholders' equity section of its statement of...

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Accounting

Rao Corporation shows the following information in the shareholders' equity section of its statement of financial position: The recorded value of common shares in the common shares account is $175,000. Shares were initially issued for $2.50 per share. There were 10,000 shares purchased and cancelled at a cost of $2.50 per share that have not been recorded yet.

Required: What is the number of shares outstanding?

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