Lerner Company Had the Following Transactions in 2016,its First Year

Multiple Choice

Lerner Company had the following transactions in 2016,its first year of operations.
? Issued 22,000 ordinary shares.The issue price of the shares was $16.00 per share.
? Issued 1500 preference shares for $170 per share.
? Earned net profit of $35,000.
? Paid no dividends.
At the end of 2016,what is the total amount of paid-up capital?

A) $352,000
B) $277,000
C) $642,000
D) $607,000