Knowledge Check 01 During its first year of operations, Mario Lupo formed Lupo Company as a corporation and personally invested $15,000 in the business in exchange for common stock. Lupo Company also paid dividends of $2,000. The company earned $35,000 of revenues and incurred $23,000 of expenses. At the end of the year, the company's equity totaled: O $13,000 O $15,000 O $25,000 O $75,000

During its first year of operations, Mario Lupo formed tupo Company as a corporation and personally invested $15.000 in the business in exchange for common stock. Lupo Company also paid dividends of $2,000. The company earned $35,000 of revenues and incurred $23,000 of expenses. At the end of the year, the company's equity totaled $13,000$15,000$25,000$75,000