Ellsworth Corporation was organized on January 1, 2018. The firm was authorized to issue 150,000 shares of $1 par common stock. During 2018, Ellsworth had the following transactions relating to shareholders' equity:

• Issued 20,000 shares of common stock at $7 per share
• Issued 20,000 shares of common stock at $8 per share
• Reported a net income of $100,000
• Paid dividends of $50,000
• Purchased 3,000 shares of treasury stock at $10

What was total shareholders' equity at the end of 2018?

a. $270,000

b. $350,000

c. $320,000

d. $380,000