Red Corporation will ispue common shares with a par value P$10$ for the net assets of Blue Company Red's common stock has a current market value of P$40$ per share. Blue's statement of financial position on the date of acquisition follow: Current assets P$320,000$ Common stock, P$4$ par P$80,000$Property and equipment $880,000$ Additional paid in capital $320,000$Liabilities $400,000$ Retained earnings $400,000$

If Red Corporation wishes to record a gain on acquisition of Php $100,000,$ the number of shares it must issue for the acquisition is

a$.42,000$

b$.37,000$

c$.37,500$

d$.42,500$