(Answered) Question - jennings inc has an opening balance in

Accounting

Question - 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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