Renfro Corporation started business in 2008 by issuing 200,000 shares of $20 par common stock for $36 each. In 2014, 20,000 of these shares were purchased for $52 per share by Renfro Corporation and held as treasury stock. On June 15, 2016, 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, 2016. 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. $160,000B. $390,000C. $480,000D. $800,000E. None of the above