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 4issued 200,000 shares @ $5 per share.

April 8issued 100,000 shares @ $7 per share.

June 9issued 30,000 shares @ $10 per share.

July 29purchased 50,000 shares @ $4 per share.

December 31sold 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?

$450,000

$500,000

$550,000

$400,000