On March 1, 2020 Ajax Corporation acquired all the assets and liabilities of Chelsea Corporation by issuing shares of its common stock. The following is a balance sheet data for the companies prior to the business combination and immediately following the combination:

	Ajax Corporation	Chelsea Corporation	Combined
Cash	$ 75,000	$ 35,000	$ 110,000
Accounts receivable	92,000	30,000	122,000
Inventory	45,000	43,000	98,000
Equipment (net)	420,000	150,000	620,000
Goodwill			XXX
Total Assets	$ 632,000	$ 258,000	XXX
Accounts payable	$ 375,000	$ 125,000	$ 500,000
Common stock, $2 par	120,000	40,000	200,000
Additional paid-in capital	85,000	30,000	245,000
Retained earnings	52,000	63,000	XXX
Total Liabilities & Equity	$ 632,000	$ 258,000	XXX

What number of shares did Ajax issue for this acquisition?

Select one:

a. 40,000 shares

b. 60,000 shares

c. 100,000 shares

d. 80,000 shares