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Financial Accounting

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Anit Co: What is Total Equity After Activity?

FINACT-9VPH2Y

Anit Company was incorporated as a new business on January 1, Year 1. The company is authorized to issue 20,000 shares of \$5 par value common stock and 10,000 shares of 6%, \$10 par value, cumulative, participating preferred stock.

On January 1, Year 1, the company issued 8,000 shares of common stock for \$15 per share and 2,000 shares of preferred stock for \$30 per share. Net income for the year ended December 31, Year 1, was \$375,000.

What is the total stockholder's equity on the December 31, year 1 balance sheet?