(Answered) Lerner inc had the following transactions in2017 its first

Accounting

Lerner, Inc. had the following transactions in2017, its first year ofoperations:

• Issued22,000 shares of common stock. The stock has a par value of$3.00 per share and was issued at$16.00 per share.

• Issued1,800 shares of$160 par value preferred stock at par.

• Earned net income of$37,000.

• Paid no dividends.At the end of2017, what is total stockholders equity?

A. $640,000
B. $354,000
C. $286,000
D. $677,000

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