Victor, Co., recently organized. The company issued common stock to an attorney in exchange for his patent with a market value of \($40,000.\) In addition, Victor, Co., received cash for 2,000 shares of its \($50\) par preferred stock sold at par value and for 26,000 shares of its no-par common stock sold at \($10\) per share. Retained Earnings at the end of the first year was \($70,000.

Requirement

1. Without making journal entries, determine the total paid-in capital created by these transactions.