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Shown below is information relating to the stockholders' equity of Grant Corporation at December 31,...

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Accounting

Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1:
6% cumulative preferred stock, $100 par value; authorized, 10,000 shares; issued and outstanding, 6,000 shares$ 600,000Common stock, $3 par value; authorized, 500,000 shares; issued and outstanding, 300,000 shares$ 900,000Additional paid-in capital: preferred stock$ 60,000Additional paid-in capital: common stock$ 1,900,000Retained earnings$ 1,090,000
Dividends have been declared and paid for Year 1.
The total amount of Grant's paid-in capital at December 31, Year 1, is:
Select one:
a.
$3,050,000.
b.
$1,090,000.
c.
$1,960,000.
d.
$3,460,000.

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