Newton Corporation was organized on January 1 2014 On that
Newton Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of its $10 par-value common stock at $15 per share (400,000 shares were authorized). During the period from January 1, 2014, through December 31, 2016, Newton reported net income of $750,000 and paid cash dividends of $380,000. On January 5, 2016, Newton purchased 12,000 shares of its common stock at $12 per share. On December 31, 2016, the company sold 8,000 treasury shares at $8 per share.

Required:
What is the book value of total shareholders’ equity as of December 31, 2016?

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