Rome CorpWas Organized on January 1, 2014, with the Following Authorized

Multiple Choice

Rome Corp.was organized on January 1, 2014, with the following authorized share capital: 20,000 common shares, no par value 6,000, $.05, cumulative preferred shares, no par value During 2014, the corporation issued 10,000 common shares for $350,000 and 5,000 preferred shares at $24 per share.On December 20, 2014, subscriptions for 1,000 preferred shares were taken at a purchase price of $30.These subscribed shares were paid for on January 2, 2015. What should Rome report as total contributed capital on its December 31, 2014, balance sheet?

A) $440,000
B) $450,000
C) $470,000
D) $500,000