A firm has net income for the year of $32,600. At the beginning of the year, the firm had common stock of $88,000, paid-in surplus of $154,000, and retained earnings of $29,000. At the end of the year, the firm had common stock of $103,000, paid-in surplus of $173,400, and retained earnings of $40,500. The firm does not pay dividends. What is the amount of the net new equity raised during the year?

$15,000

$19,400

$26,500

$34,400

$45,900