The Stockholders' Equity section of Taco Reef, Inc.'s balance sheet on January 1, 2015, appeared as follows:
| Common stock, $30 par, 20,000 shares issued and outstanding |
$600,000 |
| Additional paid-in capital--Common |
240,000 |
| Retained earnings |
700,000 |
| Total stockholders' equity |
$1,540,000 |
On March 1, 2015, Taco Reef reacquired 4,000 shares of common stock at $50 per share. All common shares were originally sold for $42 each. How much should be reported in the treasury stock account on the March 31, 2015 balance sheet?