The articles of incorporation for Western Data Logistics (Western) authorized the company to issue 10 million $1 par common shares and 2 million $40 par preferred shares. During its first year of operations, Western had the following equity-related transactions.

January 1 Issued 3 million common shares for $6 per share

February 5 Issued 1 million preferred shares for $42 per share

March 10 Repurchased 1 million common shares as treasury stock for $10 per share

March 28 Resold 500,000 treasury stock shares for $12 per share

April 1 Declared a 10% stock dividend on common shares when the market price of a common share was $15 per share

December 31 Declared a 2-for-1 stock split on preferred shares

What amount of total Paid-in Capital would Western show on the balance sheet at December 31?

Multiple Choice

• $64,750,000

• $63,750,000

• $60,000,000

• $61,000,000