The corporate charter of Beaver, Inc. authorized the issuance of 10 million, $1 par common shares. During 2018, its first year of operations, Beaver had the following transactions:

February 10 sold 4 million shares at $8 per share

September 12 purchased 1 million treasury shares at $12 per share

December 20 resold 1 million treasury shares at $15 per share

What amount should Beaver report as additional paid-in capital in its December 31, 2018, balance sheet?

a) $42 million b) $47 million c) $35 million d) $31 million