**Please Calculate Superior's legal capital at December 31, 2016: ______

As of Dec. 31, 2016

Authorized common share: 2,000,000

Issued: 410,000

Outstanding: 355,000

The shareholders' equity section of Superior Corporation's balance sheet as of December 31, 2015, is as follows:

Shareholders' Equity

Preferred stock, $100 par value; authorized, 300,000 shares; issued, 30,000 shares $3,000,000

Common stock, $5 par value; authorized, 2,000,000 shares; issued, 400,000 shares $2,000,000

Paid-in capital in excess of parpreferred 90,000

Paid-in capital in excess of parcommon 850,000

Retained earnings 3,000,000

$8,940,000

The following events occurred during 2016:

Jan. 5 10,000 shares of authorized and unissued common stock were sold for $8 per share.

Jan 16. 10,000 shares of authorized and unissued preferred stock were sold for $109 per share.

Apr. 1 80,000 shares of common stock were repurchased for the treasury at a price of $19 per share. Superior uses the cost method to account for treasury stock.

Sept. 1 3,000 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $336,000. The preferred stock currently trades on the New York Stock Exchange at a price of $109 per share.

Dec. 1 25,000 shares of treasury stock are reissued at a price of $24 per share.