Adams Corporation Began Business by Issuing 400,000 Shares of $5

Multiple Choice

Adams Corporation began business by issuing 400,000 shares of $5 par value common stock for $24 per share. During its first year, the corporation sustained a net loss of $40,000. The year-end balance sheet would show

A) Common stock of $2,000,000.
B) Common stock of $9,600,000.
C) Total paid-in capital of $9,560,000.
D) Total paid-in capital of $7,600,000.