Question - Prepare answers for each of the following questions.
On January 1, 2012, Miburn Corporation had the following balances in its shareholder's equity accounts: Common share--$100,000(10,000 shares) and Retained earnings--$30,000. During 2012, the company issued 1,000 additional shares of common shares for $10 per share, reported net income of $40,000, and paid cash dividends of $20,000. What amount of total shareholders' equity would the company report in its December 31, 2012, balance sheet?