Monica Inc., had issued subscriptions for common shares on March 1, 2020. 40% of the subscription was to be paid by the subscribers on April 1 and the balance on June 1. The company would thereafter issue the shares on June 15.

On April 1, the company received the funds for the first instalment and prepared the following journal entry to record the transaction:

DR	Cash	$446,400
	CR Share Subscription Receivable		$446,400

On June 1, 2,000 subscribers failed to pay the second instalment and their subscriptions were forfeited. The company received the funds due on the second instalment from the remaining subscribers and prepared the following journal entry to record the transaction:

DR Cash $648,000

CR Share Subscription Receivable $648,000

How many number of share subscriptions were issued on March 1, 2020 by Monica?

a.

62,000

b.

60,000

c.

64,000

d.

37,200

e.

None of these answers