Christopher Foley, an attorney, has a law corporation, Christopher Foley, Attorney, Inc., that began the year with total assets of $145,000, total liabilities of $70,000, and stockholders’

equity of $75,000. During the year, Christopher Foley, Attorney, Inc., earned revenue of $125,000 and paid expenses of $35,000. Christopher Foley, Attorney, Inc., also sold an additional $24,000 of stock and paid $10,000 in dividends. How much is the stockholders’ equity in Christopher Foley, Attorney, Inc., at year-end?

a. $235,000

b. $155,000

c. $179,000

d. $199,000 AppendixLO1