The shareholders equity section of Superior Corporation's balance sheet as of December 31,2012 is as follows:

Preferred stock, $100 par value; authorized, 420,000 shares; issued, 42,000 shares $4,200,000

Common stock, $5 par value; authorized, 2,800,000 shares; issued, 560,000 shares 2,800,000

Paid-in capital in excess of parpreferred 126,000

Paid-in capital in excess of parcommon 1,190,000

Retained earnings 3,200,000

The following events occurred during 2013:

Jan. 5 30,000 shares of authorized and unissued common stock were sold for $8 per share.

Jan. 16 30,000 shares of authorized and unissued preferred stock were sold for $107 per share.

April 1 70,000 shares of common stock were repurchased for the treasury at a price of $17 per share.

Superior uses the cost method to account for treasury stock.

Sept. 1 4,000 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $434,000. The preferred stock currently trades on the New York Stock exchange at a price of $107 per share.

Dec. 1 15,000 shares of treasury stock are reissued at a price of $22 per share

Calculate Superior's legal capital at December 31, 2013.