Need to know the explanation for this answer. Thank you.

Question 1 O / 1 pts The Stockholder's Equity accounts of Aspen Corp. on December 31, 2012 were as follows: Preferred Stock (6%, $100 par, cumulative, 8000 authorized) 600,000 Common Stock ($3 par, 1,500,000 authorized) 900,000 APIC - Preferred APIC - Common Retained Earnings Treasury Stock- Common ($9 cost) 45,000 90,000 700,000 780,000 During 2013 the corporation had the following transactions and events pertaining to its stockholders equity. Mar. 21 Issued 20,000 shares of common stock in exchange for land. On the date of purchase the land had a fair market value of $210,000 and the stock was selling for $11 per share. April 17 Nov. 22 of $6,300. Dec. 31 Sold 1,500 shares of treasury stock - common for $12 per share. Purchased 700 shares of common stock for the treasury at a cost Determined that net income for the year was $463,000. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as of December 12. Preferred dividends are one year in arrears. What is the Total Contributed Capital as of December 31, 2013? Correct Answer You Answered