1. If a company has 1,000,000 shares of $2 par value common stock authorized, and has 100,000 shares issued at $4 a share and 20,000 shares of common stock are held in the treasury, the general ledger account for common stock would have a balance of

a. $4,000,000

b. $2,000,000

c. $400,000

d. $200,000

e. $160,000