Question 30 (2.5 points) Godfrey Corporation is authorized to issue 500,000 shares of $1 par common stock. During its first year of business, Godfrey issued 100,000 shares of the stock for cash at $10 per share, earned net income of $2,000,000, and paid cash dividends of $500,000. Total Equity of Godfrey Corporation after their first year of operations is: $2,500,000 $2,000,000 $3,000,000 $1,500,000