Harbottle Corporation was organized on January 3, 2008, with authorized capital of 100,000 shares of $10 par common stock. During 2008, Harbottle 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. Harbottle's net income for 2008 is $300,000. What is the amount of stockholders' equity at December 31, 2008?

$640,000

$702,000

$708,000

$720,000