Lanier Tech This Company Was Incorporated as a New Business on January

Multiple Choice

Lanier Tech
This company was incorporated as a new business on January 1, 2019. The company is authorized to issue 50,000 shares of $5 par common stock and 10,000 shares of 6%, $10 par, cumulative, participating preferred stock. On January 1, 2019, the company issued 8,000 shares of the common stock for $15 per share and 2,000 share of the preferred stock for $30 per share. Net income for the year ended December 31, 2019 was $375,000.
-Refer to Lanier Tech. Assume that no dividends were declared or paid during the first year of operations. What is the dollar amount of total stockholders' equity reported on the balance sheet at December 31, 2019?

A) $ 60,000
B) $120,000
C) $555,000
D) $725,000