A corporation's December 31, balance sheet shows the following: 8% preferred stock, $10 par value, cumulative, 40,000 shares authorized; 20,000 shares issued $200,000 Common stock, $1 par value, 4,000,000 shares authorized; 2,600,000 shares issued, 2,560,000 shares outstanding, $2,600,000 Paid-in capital in excess of par value preferred stock, $180,000 Paid-in capital in excess of par value common stock, $52,000,000 Retained earnings, $23,500,000 Treasury stock (40,000 shares), $1,020,000 The company's total stockholders' equity is?

$79,500,000.

$78,480,000.

$78,500,000.

$53,960,000.

$77,460,000.