Problem
Silver Corporation was organized on January 3, 2012. The firm was authorized to issue 300,000 shares of $8 par value common stock. During 2012, Silver had the following transactions relating to shareholders' equity:
Issued 120,000 shares of common stock at $15 per share.
Issued 80,000 shares of common stock at $20 per share.
Reported a net income of $1,000,000.
Paid cash dividends of $25,000.
What is total paid-in capital at the end of 2012?