Potter Corporation acquired Sims Company through an exchange of common shares. All of SimsTM assets and liabilities were immediately transferred to Potter. Potter CompanyTMs common stock was trading at $20 per share at the time of exchange. The following selected information is also available:
What number of shares was issued at the time of the exchange?
a) 5,000
b) 17,500
c) 12,500
d) 10,000