Porpoise Corporation acquired Sims Company through an exchange of common shares. All of Sims' assets and liabilities were immediately transferred to Porpoise. Porpoise Company's common stock was trading at $20 per share at the time of exchange. The following selected information is also available:

Porpoise Company

Before Acq After Acq Par value of shares outstanding $200,000 $250,000 Additional Paid in Capital 350,000 550,000 What number of shares was issued at the time of the exchange?

a. 5,000

b. 17,500

c. 12,500

d. 10,000