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Nance Corporation's December 31, 2010 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 10,000 shares authorized; 5,000 shares issued $ 100,000

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Nance Corporation's December 31, 2010 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 10,000 shares authorized; 5,000 shares issued $ 100,000 Common stock, $10 par value, 1,000,000 shares authorized; 650,000 shares issued, 640,000 shares outstanding 6,500,000 Paid-in capital in excess of par value - preferred stock 20,000 Paid-in capital in excess of par value - common stock 9,000,000 Retained earnings 2,550,000 Treasury stock (10,000 shares) 210,000 Nance's total stockholders' equity was O A $18,380,000 OB. $15,620,000 OC $18,170,000 OD. $17,960,000

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