Holden Packaging Corporation Began Business in 2014 by Issuing 80,000

Multiple Choice

Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden Packaging would report

A) Common Stock of $800,000.
B) Common Stock of $400,000.
C) Common Stock of $640,000.
D) Paid-In Capital of $600,000.