Arilla, Co. recently organized. The company issued common shares to an attorney in exchange for his patent with a market value of $52,000. In addition, Arilla, Co. received cash for 1,000 shares of its $60 preferred shares and for 30,000 common shares sold at $15 per share. Retained Earnings at the end of the first year was $88,000.

Requirement

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