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Alley Corporation recently organized. The company issued common stock

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Alley Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $56,000. In addition, Alley received cash both for 2,000 shares of its $10 par preferred stock at par value and for 9,000 shares of its no-par common stock at $45 per share.

Requirement

1. Without making journal entries, determine the total paid-in capital created by these transactions.

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