QUESTION 47

The founders of the Melanie Corporation invested $20,000,000 in the corporation and raised another $40,000,000 by having the corporation issue some of its $3 par common stock to the public. The corporation is authorized to issue a total of 10,000,000 common shares. For their investments, the founders received 5,100,000 common shares and other stockholders received 100,000 common shares.

Determine the dollar amount reported in the Corporation's common stock account after the 5,100,000 shares were issued to the founders and the 100,000 shares were issued to other stockholders.

	a.	$60,000,000
	b.	$5,200,000
	c.	$20,000,000
	d.	$15,600,000