Problem: Izzy Corporation was organized on January 1, 2016. $4,000,000 is the beginning balance of stockholder's equity as of Jan. 1, 2016. During 2016, Izzy had the following common stock transactions:
Jan. 4: Issued 100,000 shares @ $24 per share.
Apr. 8: Issued 200,000 shares @ $28 per share.
July 29: Purchased 40,000 shares (treasury) @ $40 per share.
Izzy had no other transactions affecting common stock. And Izzy had net income $ 1,500,000.
At December 31, 2016, what is the ending amount of stockholder's equity as of Dec. 31, 2016?
A) $11,900,000
B) $10,400,000
C) $12,000,000
D) $43,000,000
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