Presented below is the stockholders' equity section of Oaks Corporation at December 31, 2012:
Common stock, par value $20; authorized 75,000 shares; issued and outstanding 45,000 shares $ 900,000Paid-in capital in excess of par value 250,000Retained earnings 300,000$1,450,000During 2013, the following transactions occurred relating to stockholders' equity:3,000 shares were reacquired at $28 per share. 3,000 shares were reacquired at $35 per share. 1,800 shares of treasury stock were sold at $30 per share.
For the year ended December 31, 2013, Oaks reported net income of $450,000. Assuming Oaks accounts for treasury stock under the cost method, what should it report as total stockholders' equity on its December 31, 2013, balance sheet?
a. $1,765,000.
b. $1,761,400.
c. $1,757,800.
d. $1,315,000.
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