On April 1, 20x1, the board of directors of PEARL HARBOR CORP. declared 40 dividends per share to shareholders of record as of April 15, 20x1 for distribution on May 1, 20x1. The shareholders equity of PEARL as of April 1, 20x1 is as follows:

Share capital, authorized capital 20,000 shares, 100 par	1,600,000
Subscribed share capital	440,000
Share premium	200,000
Retained earnings	908,000
Treasury shares (at cost of 120 per share)	(288,000)
Other components of equity	140,000
Total shareholders equity	3,000,000

The total outstanding shares and the total cash dividends declared are:

Select one:

a. 20,400 outstanding shares and P 816,000 total dividends declared

b. 18,000 outstanding shares and P 720,000 total dividends declared

c. 13,600 outstanding shares and P 544,000 total dividends declared

d. 16,000 outstanding shares and P 640,000 total dividends declared