Nance Corporation's December 31, 2017 Balance Sheet Showed the Following

Nance Corporation's December 31, 2017 balance sheet showed the following: $\begin{array}{lr}6 \% \text { preferred stock, } \$ 20 \text { par value, cumulative, }\\30,000 \text { shares authorized; } 20,000 \text { shares issued }&\$400,000\\\text { Common stock, } \$ 10 \text { parvalue, } 3,000,000 \text { shares authorized; }\\1,950,000 \text { shares issued, } 1,920,000 \text { shares outstanding }&19,500,000\\\text { Paid-in capital in excess of parvalue - preferred stock } & 60,000 \\\text { Paid-in capital in excess of parvalue - common stock } & 28,000,000 \\\text { Retained earnings } & 9,650,000 \\\text { Treasury stock (30,000 shares) } & 630,000\end{array}$ Nance's total paid-in capital was

A) $47,960,000.
B) $48,590,000.
C) $47,330,000.
D) $28,060,000.

Correct Answer:

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