Excursion Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $20,000 to help organize the corporation. Excursion also issued common stock to an inventor in exchange for his patent with a market value of $81,000. In addition, Excursion received cash both for the issuance of 8,000 shares of its preferred stock at $70 per share and for the issuance of 16,000 of its common shares at $6 per share. During the first year of operations, Excursion earned net income of $70,000 and declared a cash dividend of $26,000. Without making journal entries, determine the total paid-in capital created by these transactions.