Problem:
Black Enterprises reported the following ($ in 000s) as of December 31, 2009. All accounts have normal balances.
Deficit $3,000
Common stock $2,000
Paid-in capital-stock options $1,000
Treasury stock at cost $400
Paid-in capital-excess of par $30,000
During 2010 ($ in 000s), net income was $9,000; 25% of the treasury stock was resold for $450; cash dividends declared were $600; cash dividends paid were $500; and all of the stock options expired.
What ($ in 000s) was shareholders' equity as of December 31, 2010?
A. $38,100.
B. $37,450.
C. $38,450.
D. $38,350.