March Green Products Ltd. recorded a journal entry on the day they paid cash dividends and debited Dividends Payable for $240,000 and credited Cash for $240,000. Each of the common shares received a dividend of $1. The dividends on the 10,000 $3.00 cumulative preferred shares were in arrears by two years. How many common shares were issued?

180,000

cannot be determined with the information provided

150,000

50,000