The shareholders' equity section of Albert Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data:

	($ in millions)
	2021				2020
Common stock, $1 par per share	$	612			$	600
Paid-in capitalexcess of par		348				300
Retained earnings		628				600

During 2021, Time declared and paid cash dividends of $90 million. The company also declared and issued a small stock dividend. No other changes occurred in shares outstanding during 2021. What was Albert's net income for 2021?

A. $28 million

B. $178 million

C. $130 million

D. $118 million

Sam Co. has outstanding 100 million shares, $1 par common stock, selling for $8 per share. After a 1 for 4 reverse stock split:

A. R would have 25 million shares, $4 par per share.

B. The market price per share would be about $2.

C. Fractional shares would be issued.

D. Retained earnings would be reduced.

Laurel Corporation was organized on January 3, 2021. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2021, Laurel had the following transactions relating to shareholders' equity:

Issued 30,000 shares of common stock at $7 per share.

Issued 20,000 shares of common stock at $8 per share.

Reported net income of $100,000.

Paid dividends of $50,000.

What is total paid-in capital at the end of 2021?

A. $420,000.

B. $470,000.

C. $370,000.

D. $320,000.