The following information relate to the records of RAZON CO.

Authorized Ordinary Shares , 500,000 shares, P20 par
Ordinary Share Capital	P5,000,000
Ordinary Shares Subscribed Capital	2,400,000
Ordinary Shares Subscriptions Receivable	1,200,000
Ordinary Share Premium	1,480,000

The Ordinary Shares Subscribed of P2,400,000 refers to subscriptions made by 10 persons. Each of the ten subscribers subscribed to an equal number of shares at par and each one made a fifty percent payment on their subscriptions. Assuming four of the ten subscribers of RAZON CO. who still have a balance payable on their subscriptions made full payment, how many shares of ordinary share capital will be issued?

CHOICES:

60,000 shares

48,000 shares

120,000 shares

none of the choices provided