1. Lendel Motors plans to raise $1.2 million in a rights offering. Under the terms of the offering, a current shareholder must submit $20 plus 4 rights to acquire one new share of stock. How many shares of stock are outstanding prior to the rights offer if shareholders are granted one right per share of stock currently owned?

   	A.	15,000 shares
   	B.	60,000 shares
   	C.	180,000 shares
   	D.	240,000 shares