Fun City Inc. ended 2019 with 8 million common shares issued and outstanding. The average issue price was \(\$ 1.50\). Beginning retained earnings totalled \(\$ 40\) million.

- In March 2020, Fun City issued 2 million common shares at a price of \(\$ 2\) per share

- In May, the company declared and distributed a \(10 \%\) stock dividend at a time when Fun City's common shares had a fair value of \(\$ 3\) per share.

- Then in October, Fun City's stock price dropped to \(\$ 1\) per share and the company executed a 1 -for-2 stock split

- For the year, Fun City earned net income of \(\$ 26\) million and declared cash dividends of \(\$ 17\) million.

Determine what Fun City should report for shareholders' equity at December 31, 2020. Journal entries are not required.