Percy Corporation was organized on January 1, 2010, with an authorization of 1,200,000 shares of common stock with a par value of $6 per share. During 2010, the corporation had the following capital transactions:
January 5 issued 675,000 shares @ $10 per share
July 28 purchased 90,000 shares @ $11 per share
December 31 sold the 90,000 shares held in treasury @ $18 per share
Percy used the cost method to record the purchase and reissuance of the treasury shares. What is the total amount of additional paid-in capital as of December 31, 2010?
a. $-0-.
b. $2,070,000.
c. $2,700,000.
d. $3,330,000.