Marin Corporation has the following capital structure at the beginning of the year: 4% Preferred stock, $50 par value. 20,000 shares authorized, 5,000 shares issued and outstanding Common stock. $10 par value, 60,000 shares authorized, 37,000 shares issued and outstanding $250,000 Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity 370,000 116,000 736,000 440,000 $1,176,000