Racer Corporation's December 31, 2010 Balance sheet showed the following:
8% preferred stock, $20 par value, cumulative.
20,000 shares authorized, 10,000 shares issued: $200,000
Common Stock, $10 par value, 2,000,000 shares authorized
1,300,000 shares issued 1,280,000 shares outstanding: $13,000,000
Paid in Capital in excess of par value - preferred stock $40,000
Paid in capital in excess of par value - common stock $18,000,000
Retained Earnings $5,100,000
Treasury Stock (10,000 shares) $420,000
Racer's total stockholders equity was:
a) $36,760,000.
b) $31,240,000.
c) $36,340,000.
d) $35,920,000.