Black Enterprises reported the following ($ in 000s) as of December 31, 2011. All accounts have normal balances. Deficit 3,000 Common stock 2,000 Paid-in capital-stock options 1,000 Treasury stock at cost 400 Paid-in capital-excess of par 30,000

During 2012 ($ in 000s), net income was $9,000; 25% of the treasury stock was resold for $450; cash dividends declared were $600; cash dividends paid were $500; and all of the stock options expired. What ($ in 000s) was shareholders' equity as of December 31, 2012?

A. $37,450 B. $38,450 C. $38,350 D. $38,100