The condensed balance sheet of Adams & Gray, a partnership, at December 31, 20x1 follows. Current Assets $250,000 Equipment (net) 30,000 Total Assets $280,000 Liabilities $20.000 Adams, capital 160,000 Gray, capital 100,000 Total liabilities and capital $280,000 On December 31, 20x1, the fair values of the assets and liabilities were appraised at $240,000 and $20,000, respectively, by an independent appraiser. On January 2, 20X2, the partnership was incorporated and 1,000 shares of $5 par value common stock were issued. Immediately after the incorporation, what amount should the new corporation report as additional paid-in capital? O $275,000 O $260,000 O $215,000 O $0