Question: The Pasta Maker needs to raise 16 dollar million to update its machinery. Management estimates that it will cost the firm 240,000 dollar for accounting, legal, & other costs related to the issuance of securities for this purpose. The underwriting spread is 8 percent and the issue price is 24 dollar a share. Determine how many shares of stock must The Pasta Maker sell to finance its new machinery?
[A] 735,507 shares
[B] 748,211 shares
[C] 794,348 shares
[D] 26,543 shares
[E] 676,667 shares