Virginia Tech FIN FIN 4224 Jennings, Inc. has an opening balance in Shareholders’ Equity of $75,000. During the period, Jennings: issued common stock for $22,000 declared…

Virginia Tech FIN FIN 4224 Jennings, Inc. has an opening balance in Shareholders’ Equity of $75,000. During the period, Jennings: issued common stock for $22,000 declared…

Jennings, Inc. has an opening balance in Shareholders’ Equity of $75,000. During the period, Jennings:

  1. issued common stock for $22,000
  2. declared common stock dividends of $10,000
  3. paid common stock dividends of $8,000
  4. revalued an available-for-sale security upward by $3,000
  5. recognized a loss of $6,000 on an asset sale
  6. reported NI of 16,000

Jennings’ ending balance in Shareholders’ Equity is closest to: a) $100,000, b) $102,000, c) $106,000

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