6% Loan notes in issue were reported as £300,000 on 31 March 2011 and as £500,000 a year later. On 1 January 2012 one hundred thousand 6% Loan notes were converted to ordinary shares at the rate of two ordinary shares of £1 each for every £50 Loan note. Identify the cash inflow from issue of Loan notes.

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a £200,000 b £300,000 c C £100,000 d £400,000