Tomlinson Packaging Corporation Began Business in 2017 by Issuing 50,000

Tomlinson Packaging Corporation began business in 2017 by issuing 50,000 shares of $5 par common stock for $8 per share and 5,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2017 balance sheet, Tomlinson Packaging would report

A) Common Stock of $500,000.
B) Common Stock of $250,000.
C) Common Stock of $400,000.
D) Paid-in Capital of $330,000.

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