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Red Corporation will issue common shares with a par value of P10 for the net assets of Blue Company. Red's Common stock has a current

Red Corporation will issue common shares with a par value of P10 for the net assets of Blue Company. Red's Common stock has a current market value of P40 per share. Blue's statement of financial position on the date of acquisition follow:

Current assets P320,000

Property and Equipment 880,000

Liabilities 400,000

Common stock, P5 par P80,000

Additional paid in capital 320,000

Retained Earnings 400,000

Blue's current assets are appraised at P400,000 and the property and equipment was also appraised at P1,600,000. Its liabilities are fairly value. Accordingly, Red Corporation issued shares of its common stock with a total market value equal to that of Blue's net assets including goodwill. To recognize goodwill of P200,000, how many shares were to be issued?

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