At January 1, 2021, Concord Corporation had the following share capital:

$2 Preferred shares, noncumulative,
500000 shares authorized, 900 shares issued		$770000
Common shares, 1,000,000 shares authorized,
11500 shares issued		320000
		$1090000

On February 16, 2021 the board of directors declared and paid a 8% common stock dividend. On July 31, 2021, the board declared a 4-for-1 stock split on the common stock. On its December 31, 2021 financial statements, Concord Corporation will report how many common shares issued?

11500

46000

12420

49680

Thank you for your help.