Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1: $ 1,200,000 3.5% cumulative preferred stock, $100 par value; authorized, 24,000 shares; issued and outstanding, 12,000 shares Common stock, $4 par value; authorized, 400,000 shares; issued and outstanding, 240,000 shares Additional paid-in capital: preferred stock Additional paid-in capital: common stock Retained earnings $ 960,000 $ 48,000 $ 1,800,000 $ 950,000 Dividends have been declared and paid for Year 1. The total amount of Grant's paid-in capital at December 31, Year 1, is: Multiple Choice $2,200,000 $4,008,000 $1,848,000