The stockholders' equity of Kinney Company at December 31, 2013, is shown below.

The following transactions, among others, occurred during 2014:

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5% preferred stock, $100 par value, 10,000 shares authorized; 5,000 shares issued and outstanding....... Common stock, $5 par value, 200,000 shares authorized; 60,000 shares issued and outstanding...... Paid-in capital in excess of par value-preferred stock. Paid-in capital in excess of par value-common stock.. Retained earnings. Total stockholders' equity. $500,000 300,000 40,000 300,000 656,000 $1,796,000