OM, Inc. was organized on January 1, 20X1. The firm was authorized to issue 100,000 shares of $5 par value common stock.

During 20X1, OM had the following transactions relating to stockholders' equity:

Issued 30,000 shares of common stock at $7 per share.

Issued 20,000 shares of common stock at $8 per share.

Reported a net income of $100,000.

Paid dividends of $50,000.

What is the total amount recorded in the Common Stock account at the end of 20X1?

a.$250,000

b.$470,000

c.$420,000

d.$50,000

e.$370,000