A corporations December 31, 20x4, balance sheet shows Common Stock of $1,000,000 and Retained Earnings of $300,000. During 20x5, the companys cash budget projects sale of additional stock for $700,000 and dividends of $20,000. The budgeted income statement for the year ending December 31, 20x5, shows net income of $50,000. Calculate the total stockholders equity on the budgeted balance sheet at December 31, 20x5.

A : $1,200,000

B : $1,700,000

C : $1,500,000

D : $2,030,000