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