E13-7 ReadyTech 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. Ready Tech received cash both for 2,000 shares of its $50 par preferred stock at $80 per share and for 26,000 shares of its no-par common stock at $11 per share. Retained Earnings at the end of the first year was $70,000. Without making journal entries, determine the total paid-in capital created by these transactions.