Hickory Corporation issued 400,000 shares of $2 par value capital stock at its date of incorporation for cash at a price of $8 per share. During the first year of operations, the company earned $80,000 and declared a dividend of $20,000. At the end of this first year of operations, the balance of the Common Stock account is:

		$3,200,000.
		$3,280,000.
		$ 800,000.
		$3,260,000.