Question 14 2 pts Grand Torino was incorporated as a new business on January 1, 2019. The company is authorized to issue 50,000 shares of $5 par common stock and 10,000 shares of 6%, $10 par, cumulative, participating preferred stock. On January 1, 2019, the company issued 8,000 shares of the common stock for $15 per share and 2,000 share of the preferred stock for $30 per share. Net income for the year ended December 31, 2019 was $375,000. If no dividends were declared or paid during the first year of operations, what is the total amount of stockholders' equity that would be reported on the balance sheet at December 31, 2019? $555,000 $60,000 $120,000 . $725,000