Question 18 A corporation's December 31, balance sheet shows the following: 8% preferred stock, $10 par value, cumulative, 40,000 shares authorized; 18,000 shares issued, $180,000 Common stock, $1 par value, 4,000,000 shares authorized; 2,500,000 shares issued, 2,460,000 shares outstanding, $2,500,000 Paid-in capital in excess of par value - preferred stock, $180,000 Paid-in capital in excess of par value - common stock, $52,000,000 Retained earnings, $24,000,000 Treasury stock (40,000 shares), $1,250,000 The company's total stockholders' equity is $53,960,000. $77,610,000. $77,490,000. $78,860,000 $78,480,000