Gulf Shipping Company Balance Sheet As of January 3, 2020 (amounts in thousands) 14,300 Accounts Payable Cash 1,900 Accounts Receivable 4,100 Debt 3,200 5,800 Other Liabilities 4,000 Inventory Property Plant & Equipment 14,800 Total Liabilities 9,100 Other Assets 7,700 22,900 700 Paid-In Capital Retained Earnings Total Equity 39,700 Total Liabilities & Equity 30,600 Total Assets 39,700 Transfer the journal entries to T-accounts for the transactions below, compute closing amounts for the T-accounts, and construct a final balance sheet to answer the question. Journal amounts in thousands Date Account and Explanation Debit Credit Jan 4 Cash 50 40 Inventory Retained Earnings Sold and delivered product to customer 10 Jan 5 Cash 67 Debt 67 Borrowed money from bank Jan 6 Cash 80 Paid-In Capital 80 Issued stock Jan 7 16 Inventory Accounts Payable 16 Bought manufacturing supplies on credit Jan 8 Accounts Payable 7 Cash Paid money owed to supplier Jan 9 Cash 10 Accounts Receivable 10 Received customer payment Property, Plant & Equipment Jan 10 48 Cash 48 Paid cash for machine What is the final amount in Total Equity? Please specify your answer in the same units as the balance sheet