The stockholders' equity of Kinney Company at December 31, 2013, is shown below.

5% preferred stock, $100 par value, 10,000 shares authorized; 5,000 shares issued and outstanding	$500,000
Common stock, $5 par value, 200,000 shares authorized; 60,000 shares issued and outstanding	300,000
Paid-in capital in excess of par valuepreferred stock	40,000
Paid-in capital in excess of par valuecommon stock	300,000
Retained earnings	656,000
Total stockholders' equity	$1,796,000

Dec. 20 Declared and paid (1) the annual cash dividend on the preferred stock and (2) a cash dividend of 80 cents per common share.