Question - Panhandle Corporation was organized on January 3, 2010. The firm was authorized to issue 200,000 shares of $5 par common stock. During 2010, Panhandle had the following transactions relating to shareholders' equity:
Issued 60,000 shares of common stock at $7 per share.
Issued 40,000 shares of common stock at $8 per share.
Reported a net income of $200,000.
Paid dividends of $100,000.
What is total Paid-in capital at the end of 2010?