49) Blair Scott was incorporated as a new business on January 1, 2018. The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%, $10 par value preferred stock. On January 1, 2018, the company issued 14,000 shares of common stock for $10 per share and 2,000 shares of preferred stock for $20 per share. Net income for the year ended December 31, 2018, was $375,000. Total contributed capital at December 31, 2018, is A) $180,000 B) $60,000 C) $120,000 D) $555,000 49) Blair Scott was incorporated as a new business on January 1, 2018. The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%, $10 par value preferred stock. On January 1, 2018, the company issued 14,000 shares of common stock for $10 per share and 2,000 shares of preferred stock for $20 per share. Net income for the year ended December 31, 2018, was $375,000. Total contributed capital at December 31, 2018, is A) $180,000 B) $60,000 C) $120,000 D) $555,000