(Learning Outcome 5) Mathews Inc. had the following transactions in 2018, its first year of operations.

Issued 20,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $14.00 per share.

Issued 1,000 shares of $100 par value preferred stock. Shares were issued at par.

Earned net income of $55,000.

Paid NO dividends.

At the end of 2018, what is the total amount of stockholders' equity? You must show your calculations to receive full credit for this problem.

A) $120,000

B) $435,000

C) $175,000

D) $380,000