At December 31, 20x7, Tobi Inc. had 253967 common shares outstanding. During the year 20x7, the company completed the following transactions:

February 1, 20x7	Issued 23068 common shares for cash of $45,000
July 30, 20x7	Declared a 2-for-1 stock split
October 1, 20x7	Retired 6033 common shares for $12,500

How many common shares were outstanding at the beginning of the year 20x7?

Select one:

a. 496932

b. 147035

c. 236932

d. 106932