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Ellsworth Corporation was organized on January 1, 2021. The firm was authorized to issue 150,000 shares of $1 par common stock. During 2021, Ellsworth had the following transactions relating to shareholders' equity:Issued 20,000 shares of common stock at $7 per share.Issued 20,000 shares of common stock at $8 per share.Reported a net income of $100,000.Paid dividends of $50,000.Purchased 3,000 shares of treasury stock at $10.What was total shareholders' equity at the end of 2021?A- $270,000B- $320,000C- $350,000D- $380,000
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