The Adkins Corporations December 31, 20x4, balance sheet had a Common Stock balance of $975,000 and a Retained Earnings balance of $535,000. The cash budget for 20x5 shows payment of dividends of $24,375 and purchase of $100,000 of the corporations own stock to be used for stock options for key employees. The budgeted income statement shows net income for 20x5 of $127,000. Determine the total stockholders equity on the budgeted balance sheet at December 31, 20x5.

a) 1,500,725

b) 1,512,625

c) 1,002,555

d) 1,537,375