Comprehensive The shareholders' equity section of Superior Corporation's balance sheet as of December 31, 2012, is as follows: Shareholders’ Equity Preferred stock, $100 par value; authorized, 330,000 shares; issued, 33,000 shares $3,300,000 Common stock, $5 par value; authorized, 2,200,000 shares; issued, 440,000 shares 2,200,000 Paid-in capital in excess of par—preferred 99,000 Paid-in capital in excess of par—common 935,000 Retained earnings 3,700,000 $10,234,000 The following events occurred during 2013: Jan. 5 50,000 shares of authorized and unissued common stock were sold for $8 per share. Jan. 16 50,000 shares of authorized and unissued preferred stock were sold for $108 per share. April 1 60,000 shares of common stock were repurchased for the treasury at a price of $19 per share. Superior uses the cost method to account for treasury stock. Sept. 1 5,000 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $545,000. The preferred stock currently trades on the New York Stock exchange at a price of $108 per share. Dec. 1 25,000 shares of treasury stock are reissued at a price of $24 per share
Calculate Superior's legal capital at December 31, 2013.
Total legal capital :