ABC Corp. was organized on Jan 1, Year 1. It was authorized to issue 100,000 shares of $1 par common stock and 20,000 shares of $10 par, 3% cumulative preferred stock. ABC Corp issued the following shares of stock during Year 1: 1. 50,000 shares of common stock for $8 per share 2. 2,000 shares of preferred stock for $25 per share. What is the value of ABC Corp's Paid-in Capital in Excess of Par - Preferred Account on its Year 1 Balance Sheet? $20,000 $1,500 $30,000 $50,000