Harbottle Corporation was organized on January 3, 2011, with authorized capital of 100,000 shares of $10 par common stock. During 2011, 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 2011 is $300,000. What is the amount of stockholders' equity at December 31, 2011? a. $640,000 b. $702,000 c. $708,000 d. $720,000