Table 13-9
Following Is the JenWu Corporation December 31, 2017

Table 13-9
Following is the JenWu Corporation December 31, 2017 shareholders' equity section of the balance sheet, prior to the closing entries:
$$\begin{array} { | l | r | } \hline \text { Contributed capital: } & \\\hline \text { Preferred shares, cumulative, } \$ 5.00,6,000 \text { shares outstanding, } & \\\hline \text { liquidation value } \$ 42 \text { per share } & \$ 220,000 \\\hline \text { Common shares, } 30,000 \text { shares outstanding } & 500,000 \\\hline \text { Retained earnings/(deficit) } & ( 240,000 ) \\\hline\end{array}$$ Note: No dividends were declared in 2015 or 2016. The net income for 2017 was $260,000.
-Referring to Table 13-9,what is the total value of the common shares on December 31,2017,assuming no dividends were declared?

A) $500,000
B) $398,000
C) $260,000
D) $520,000