Hadley and Associates was incorporated as a new business on January 1, 20X1. The company is authorized to issue 50,000 shares of $5 par common stock and 10,000 shares of 6%, $10 par, cumulative preferred stock. On January 1, 20X1, the company issued 8,000 shares of the common stock for $15 per share and 2,000 shares of the preferred stock for $30 per share Net Income for the year ended December 31, 20X1 was $375,000. Question: Assuming no dividends were declared or paid during the first year of operations, what is the dollar amount of Hadley's total stockholders' equity to be reported on the balance sheet at December 31, 20X1? Select one: O a. $725,000 o b. $120,000 o c. $375,000 d. $555,000 o e. $60,000