Nance Corporations December 31, 2017 balance sheet showed the following:

6% preferred stock, $20 par value, cumulative, 30,000 shares authorized; 20,000 shares issued $ 400,000

Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding 19,500,000

Paid-in capital in excess of par value preferred stock 60,000

Paid-in capital in excess of par value common stock 28,000,000

Retained earnings 9,650,000

Treasury stock (30,000 shares) 630,000

Nances total paid-in capital was

		$47,960,000.
		$48,590,000.
		$47,330,000.
		$28,060,000