A company had the following stockholders' equity section on its balance sheet on January 1, 2008:

Common stock, $2 par, 10,000 shares issued and outstanding $20,000

Paid -in capital in excess of par- common 40,000

Retained earnings 10,000

Total stockholders' equity $70,000

All common shares were originally sold for $6 each. On February 16, the company reacquired 3,000 shares of common stock

at $15 per share. 500 of these treasury shares were reissued at $20 on June 1 and 1,500 of these shares were reissued at $12 on

June 15. Determine the total stockholders equity after recording these events, if no other transactions impacting the

stockholders equity occurred.

a. $53,000

b. $70,000

c. $55,000

d. $66,000