Reference no: EM132647124
As of December 31, 2018, Warner Corporation reported the following:
Dividends payable$24,000
Treasury stock 640,000
Paid-in capital-share repurchase 24,000
Other paid-in capital accounts 4,400,000
Retained earnings 3,400,000
During 2019, half of the treasury stock was resold for $280,000; net income was $640,000; cash dividends declared were $1,460,000; and stock dividends declared were $540,000.
Problem 1: What was shareholders' equity as of December 31, 2018?
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