Rome Corp. was organized on January 1, 2018, with the following authorized share capital:

20,000 common shares, no par value

6,000, $.05, cumulative preferred shares, no par value

During 2018, the corporation issued 10,000 common shares for $350,000 and 5,000 preferred shares at $24 per share. On December 20, 2018, subscriptions for 1,000 preferred shares were taken at a purchase price of $30. These subscribed shares were paid for on January 2, 2019.

What should Rome report as total contributed capital on its December 31, 2018, balance sheet?

		$470,000
		$500,000
		$450,000
		$440,000