Gulf Shipping Company

Balance Sheet

As of January 24, 2020

(amounts in thousands)Cash14,300Accounts Payable1,900Accounts Receivable4,100Debt3,200Inventory5,800Other Liabilities4,000Property Plant & Equipment14,800Total Liabilities9,100Other Assets700Paid-In Capital7,700Retained Earnings22,900Total Equity30,600Total Assets39,700Total Liabilities & Equity39,700

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?