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

Newton was organized on January 1, 2014. On that date, it issued 200,000 shares of its $10 par-value 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 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?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...