Martin Corporation Was Organized on January 3, 2012

Multiple Choice

Martin Corporation was organized on January 3, 2012. Martin was authorized to issue 50,000 shares of common stock with a par value of $10 per share. On January 4, Martin issued 30,000 shares of common stock at $25 per share. On July 15, Martin issued an additional 10,000 shares at $20 per share. Martin reported income of $33,000 during 2012. In addition, Martin declared a dividend of $.50 per share on December 31, 2012.
See Martin Corporation information above. The amount reported on Martin Corporation's December 31, 2012, balance sheet as additional paid-in capital was

A) $400,000.
B) $550,000.
C) $563,000.
D) $950,000.