Castle, Inc. had the following transactions in 2017, its first year of operations:bulletIssued 20,000 shares of common stock. The stock has a par value of $3.00 per share and was issued at $19.00 per share.

bulletIssued 2,000 shares of $200 par value preferred stock at par.

bulletEarned net income of $40,000.

bulletPaid no dividends.

At the end of 2017, what is the total amount of paid-in capital?

A.

$380,000

B.

$780,000

C.

$460,000

D.

$820,000