The shareholders equity section for 30 June 2020 balance sheet for Charbel Constructions is as follows:

Preference shares (100,000)	$200,000
Ordinary Shares (350,000)	$305,000
Reserves	$160,000
Retained Earnings	$450,700
Total Shareholders equity	$1,860,700

On 1 July 2020 the company declared a 15% share dividend, payable to ordinary shareholders on 15 July 2020. On 1 July the share price was $1.20 per ordinary share and on 15 July the market price was $2 per ordinary share.

On 1 August, Charbel issued 50,000 ordinary shares for $2 per share.

On 1 September, Charbel bought back $200,000 of ordinary shares, priced at $2 each

On 1 November, the company declared a 75c per share cash dividend, payable on 25 November 2020.

On 1 December, how many ordinary shares does Charbel have outstanding?

a) 616,875

b) 402,500

c) 252,500

d) 2500