Nance Corporation's December 31, 2017 balance sheet showed the following: $\begin{array}{lr}6 \% \text { preferred stock, } \$ 20 \text { par value, cumulative, }\
30,000 \text { shares authorized; } 20,000 \text { shares issued }&\$400,000\
\text { Common stock, } \$ 10 \text { parvalue, } 3,000,000 \text { shares authorized; }\
1,950,000 \text { shares issued, } 1,920,000 \text { shares outstanding }&19,500,000\
\text { Paid-in capital in excess of parvalue - preferred stock } & 60,000 \
\text { Paid-in capital in excess of parvalue - common stock } & 28,000,000 \
\text { Retained earnings } & 9,650,000 \
\text { Treasury stock (30,000 shares) } & 630,000
\end{array}$ Nance's total paid-in capital was

Question

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Total paid-in capital is the sum of the par value of the preferred stock, the par value of the common stock, the paid-in capital in excess of par for the preferred stock, the paid-in capital in excess of par for the common stock, and the treasury stock.Par value of preferred stock = 20,000 shares * $20 par value = $400,000Par value of common stock = 1,920,000 shares * $10 par value = $19,200,000Total paid-in capital = $400,000 + $19,200,000 + $60,000 + $28,000,000 + $630,000 = $47,960,000

Nance Corporation's December 31, 2017 Balance Sheet Showed the Following