Frieds Corp. was organized on January 1, 2020, with the following authorized share capital:

20,000 common shares, no par value

15,000, $.10, cumulative preferred shares, no par value

During 2020, the corporation issued 10,000 common shares for $700,000 and 10,000 preferred shares at $28 per share. On December 20, 2020, subscriptions for 1,000 preferred shares were taken at a purchase price of $30. These subscribed shares were paid for on January 2, 2021. What should Frieds report as total contributed capital on its December 31, 2020, balance sheet?

$1,130,000

$700,000

$280,000

$980,000