Smith Corporation's December 31, 2017 balance sheet showed the following :

6% preferred stock, $20 par value, cumulative, 40,000 shares authorized; 25,000 shares issued $ 500,000 Common stock, $10 par value, 4,000,000 shares authorized; 2,600,000 shares issued, 2,560,000 shares outstanding 26,000,000 Paid-in capital in excess of par value - preferred stock 80,000 Paid-in capital in excess of par value - common stock 37,000,000 Retained eamings 12,200,000 Treasury stock (40,000 shares) 840,000