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What was total shareholders equity at the end

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Question - Ellsworth Corporation was organized on January 1, 2018. The firm was authorized to issue 150,000 shares of $1 par common stock. During 2018, Ellsworth had the following transactions relating to shareholders' equity:

Issued 20,000 shares of common stock at $7 per share

Issued 20,000 shares of common stock at $8 per share

Reported a net income of $100,000

Paid dividends of $50,000

Purchased 3,000 shares of treasury stock at $10

Required - What was total shareholders' equity at the end of 2018?

a. $270,000

b. $350,000

c. $320,000

d. $380,000

Reference no: EM132540291

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