5. CPA QUESTION Pace Corp. previously issued 300,000 shares of its common stock. The shares are...

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5. CPA QUESTION Pace Corp. previously issued 300,000 shares of its common stock. The shares are now actively traded on a national securities exchange. The original offering was exempt from registration under the Securities Act of 1933. Pace has $2.5 million in assets and 425 shareholders. With regard to the Securities Exchange Act of 1934, Pace is: (a) Required to file a registration statement because its assets exceed $2 million in value (b) Required to file a registration statement even though it has fewer than 500 shareholders (c) Not required to file a registration statement because the original offering of its stock was exempt from registration (d) Not required to file a registration statement unless insiders own at least 5 percent of its outstanding shares of stock