Concept:Authorized capital is the total shares a company is allowed to issue, while issued shares are those actually sold to the public.Explanation:The company may issue up to 40 million shares, but only 32 million shares have been issued and fully paid.The difference is 40 million −32 million =8 million shares.These 8 million shares are part of the authorized capital that has not been offered for subscription.Therefore, they have not yet been issued.Answer:D. it has not yet been issued.