10 Selected financial information for China Tea Company for 20x1 and 20x2 is as follows: Retained earnings, January 1 Net income 25 points Dividends declared and paid Common stock 20x1 $55,000 39,000 44,000 17,000 20,000 72,000 20x2 ? ? 00:46:40 China Tea Company issued 2,200 shares of additional common stock in 20x2 for $22,000. There were no other shareholder transactions. Required: Prepare a statement of shareholders' equity for China Tea Company for the year ended December 31, 20x2. China Tea Company Common Stock Statement of Shareholders' Equity For the Year Ended December 31, 20x2 Total Shareholders' Equity Retained Earnings Balance at January 1, 20x2 $ 72,000 $ 79,000 $ 127,000 Issue common stock Add: Net income Less: Dividends Balance at December 31, 20x2 $ 72.000 $ 79,000 $ 127,000