ABC Corporation was organized on January 3, 2014, with authorized capital of 100,000 shares of $10 par common stock. During 2014, Oleander had the

following transactions affecting stockholders' equity:

January 7--Issued 40,000 shares at $12 per share

December 2--Purchased 6,000 shares of treasury stock at $13 per share

The cost method was used to record the treasury stock transaction. Oleander's net income for 2014 is $300,000.

What is the amount of stockholders' equity at December 31, 2014?

leate ABC Corporation was organized on January 3, 2014, with authorized capital of 100,000 shares of $10 par common stock. During 2014, Oleander had the

following transactions affecting stockholders' equity:

January 7--Issued 40,000 shares at $12 per share

December 2--Purchased 6,000 shares of treasury stock at $13 per share

The cost method was used to record the treasury stock transaction. Oleander's net income for 2014 is $300,000.

What is the amount of stockholders' equity at December 31, 2014?

$708,000

$720,000

$640,000

$702,000