Analyze effect of issuance of common stock on financial statements. (LO 1) Stockton Company reported total shareholders' equity of \(\$ 58,000\) on its December 31, 2006, balance sheet. During 2006, it reported net income of \(\$ 4,000\), declared and paid a cash dividend of \(\$ 2,000\), and issued additional common stock of \(\$ 20,000\). What was total shareholders' equity at the beginning of the year, on January 1, 2006?