During 2011 stockton inc reported net income of 4000, Ask an Expert

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During 2011, Stockton, Inc. reported net income of $4,000, declared and paid a cash dividend of $2,000, and issued common stock for $20,000. At December 31, 2011, Stockton reported total shareholders' equity of $58,000. What was total shareholders' equity at the beginning of the year, on January 1, 2011?

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