Calculation of Capital Generation at a Sales Level

Longfellow is authorized to issue 1,500,000 shares of its $1 par value common stock and $400,000 shares of $50 par value preferred stock. Longfellow plans to sell 20,000 shares of commons stock at $35 and 1,000 shares of its preferred stock at $55 per share. How much capital will Longfellow generate by this sale? What would be Longfellow’s legal capital?