Splish Corporations December 31, 2017 balance sheet showed the following:

6% preferred stock, $20 par value, cumulative,

30000 shares authorized; 25000 shares issued $500000

Common stock, $10 par value, 3,000,000 shares authorized;

1,950,000 shares issued, 1,920,000shares outstanding 19,500,000

Paid-in capital in excess of par value-preferred stock. 71,000

Paid-in capital in excess of par value-common stock. 28,000,000

Retained earnings 9,750,000

Treasury stock (30,000 shares). 598,000

a. $47,473,000

b. $48,071,000

c. $48,669,000

d. $28,171,000