Swifty Corporation has 100,000 shares of $10 par common stock authorized. The following transactions took place during 2017, the first year of the corporation's existence:

Sold 20500 shares of common stock for $14.50 per share.

Issued 19800 shares of common stock in exchange for a patent valued at $297000.

At the end of the Swifty's first year, total paid-in capital amounted to

$297000.

$117000.

$594250.

$297250.