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Orange Company was incorporated on January 1, 2016. The corporate charter authorized 40,000 shares of no par value common stock. Orange Company issued 17,500 of these shares to each of its shareholders (John and Jane Doe) on January 23, 2016 in exchange for \$15,000 cash from each of them. On December 15, 2016, Orange Company repurchased some shares from Jane for \$3,000. No other transactions relative to common stock took place in 2016 other than the transactions listed above.

If the company earns \$25,000 in net income, and pays \$5,000 in dividends in 2016, how much is total shareholders’ equity on December 31, 2016?









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