Watt Co.'s stockholders' equity at January 1, 2007 is as follows:
Common stock, $10 par value; authorized 300,000 shares; Outstanding 225,000 shares $ 2,250,000
Paid-in capital in excess of par 900,000
Retained earnings 2,190,000
Total $ 5,340,000
During 2007, Watt had the following stock transactions:
Acquired 6,000 shares of its stock for $270,000.
Sold 3,600 treasury shares at $50 a share.
Sold the remaining treasury shares at $41 per share.
No other stock transactions occurred during 2007. Assuming Watt uses the cost method to record treasury stock transactions, the total amount of all additional paid-in capital accounts at December 31, 2007 is
A. $ 891,600
B. $ 870,000
C. $ 908,400
D. $ 927,600

9. Renfro Corporation started business in 1999 by issuing 200,000 shares of $20 par common stock for $36 each. In 2004, 20,000 of these shares were purchased for $52 per share by Renfro Corporation and held as treasury stock. On June 15, 2008, these 20,000 shares were exchanged for a piece of property that had an assessed value of $810,000. Renfro's stock is actively traded and had a market price of $60 on June 15, 2008. The cost method is used to account for treasury stock. The amount of paid-in capital from treasury stock transactions resulting from the above events would be
A. $ 800,000
B. $ 480,000
C. $ 390,000
D. $ 160,000