Current Attempt in Progress Elaine Corporation was organized on January 1, year 1, with an authorization of 1,000,000 shares of common stock with a par value of $5 per share. During year 1, the corporation had the following capital transactions: January 4-issued 200,000 shares @ $5 per share. April 8-issued 100,000 shares @ $7 per share. June 9-issued 30,000 shares @ $10 per share. July 29-purchased 50,000 shares @ $4 per share. December 31-sold 50,000 shares held in treasury @ $8 per share. Elaine used the cost method to record the purchase and reissuance of the treasury shares. What should be the balance in the account "capital in excess of par value as of December 31, year 1? $550,000 $400,000 $450,000 O $500,000