Bateman Company Reported Total Shareholders' Equity of $58,000 on Its

Multiple Choice

Bateman Company reported total shareholders' equity of $58,000 on its statement of financial position dated December 31, 20X2. During 20X2, it reported a profit of $4,000, declared and paid a cash dividend of $2,000, and issued additional shares of $20,000. What was total shareholders' equity at January 1, 20X2?

A) $16,000
B) $34,000
C) $36,000
D) $38,000