An Q: Gulf Shipping Company Balance Sheet As of January 24, 2020 (amounts in thousands) 14,300 Accounts Payable 4,100 Debt Sc Cash 1,900 3,200 Accounts Receivable 5,800 Other Liabilities 14,800 Total Liabilities 4,000 9,100 Inventory Property Plant & Equipment Other Assets 700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity 30,600 39,700 Total Liabilities & 39,700 Equity Total Assets Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T- accounts, and construct a balance sheet to answer the question. Jan 25. Purchase equipment for $50,000 in cash Jan 26. Borrow $67,000 from a bank Jan 27. Issue $80,000 in stock Jan 28. Buy $16,000 worth of manufacturing supplies on credit Jan 29. Pay $7,000 owed to a supplier What is the final amount in Total Equity? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance sheet (.e., enter the number from your updated balance sheet). Open Glossary in separate tab