Victor, Co. recently organized. The company issued common shares to an attorney in exchange for his patent with a market value of $40,000. In addition, Victor, Co. received cash for 2,000 of its $50 preferred shares, and 26,000 of its common shares sold at $10 per share. Retained Earnings at the end of the first year was $70,000.

Requirement

Without making journal entries, determine the total share capital created by these transactions.