Hopkins Company issued 400 shares of $30 per share 9% preferred stock for $33 per share on January 1, Year 1. The preferred shares are cumulative and participating. On the same date, the firm issued 4,000 shares of common stock to the public for $9 per share. The par value per share of common stock is $6. The firm has $2,000 per year in Net Income in each year of its existence. The firm has had no dividends of any sort since its founding.

On July 1, Year 1, this firm bought 600 of its common shares from shareholders at a price of $8 per share.

Q#5: What is the total of shareholders equity as of December 31, Year 1?