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Question
The Squash Company's shareholders' equity on January 1, 2012 was $3,125,500. During 2012, Squash Company reported the following:
Net income of $575,325.
Declared cash dividends totaling $125,000; the dividends had not been paid as of December 31, 2012.
Issued 10,000 shares of $5 par value common stock at $9 per share.
Purchased 5,000 shares of its common stock for $9.75 per share; the shares are being held as treasury shares.
Sold 1,500 shares of treasury stock for $9.25 per share.
Issued 2,000 shares of $5 par value common stock resulting from the declaration of a stock dividend during 2012; the market value of the common stock on the date of declaration was $10.25 per share.
What was shareholders' equity as of December 31, 2012?
Answer
This answer is hidden. It contains 64 characters.
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