Use the information given below to answer Questions 37 - 41. On January 1, 2021, Alpha, Inc., issued 2,600 of its' 5% 10-year convertible bonds, par value $1,000 at 130. Included with each bond were 25 detachable warrants. Each warrant entitled its holder to purchase one share from Alpha at a price of $28. Further, each $1,000 bond was convertible, at the option of the holder, into 40 common shares. Interest was to be paid by the company on June 30 and December 31. The underwriter estimated the market value of the bonds alone, excluding warrants and conversion rights, to be $2,900,000. Similar warrants were being traded at a market value of $5 each at the date of issue. The company uses ASPE for its accounts and amortizes the bonds using straight line and uses the residual value method to account for bond issuances. [41] How many shares would have been issued from the bond conversion in Question 40? Select one: a. 72,800. b. 104,000. c. 81,200. d. 88,400. e. None of the above