The Amelia Corporation Was Incorporated on January 1, 2011, with the Following

The Amelia Corporation was incorporated on January 1, 2011, with the following authorized capitalization:

During 2011, Amelia issued 24,000 shares of common stock for a total of $1,200,000 and 6,000 shares of preferred stock at $16 per share. In addition, on December 20, 2011, subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17. These subscribed shares were paid for on January 2, 2012. What should Amelia report as total contributed capital on its December 31, 2011, balance sheet?

A) $1,040,000
B) $1,262,000
C) $1,296,000
D) $1,330,000