Angle Company was incorporated as a new business on January 1, 2017. The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%, $10 par value, cumulative, participating preferred stock. On January 1, 2017, the company issued 8,000 shares of common stock for $15 per share and 2,000 shares of preferred stock for $30 per share. Net income for the year ended December 31, 2017, was $375,000.

Refer to the information about Anole Company.

Anole's total stockholders' equity reported on the balance sheet at December 31, 2017, is

a. $180,000.

b. $120,000.

c. $555,000.

d. $60,000.