Company began business on January 1 and immediately issued 500,000 shares of its $5 par value common stock for $12,500,000.At the end of the year it paid $200,000 in cash dividends.In midyear, the firm bought back some of its own shares. The company reports the following additional information at December 31:

Net income

$2,000,000

Retained earnings beginning of year

$0

Common shares authorized

5,000,000

Shares outstanding at year end

450,000

How much is the Additional Paid-in Capital account at the end of the year?