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Rahls issues stock to investors for $ 2 0 , 0 0 0 , and has $ 5 , 0 0 0 of net income

Rahls issues stock to investors for $20,000, and has $5,000 of net income in its first year of operations. During Year 2, Rahls earns $10,000 in net income and pays a dividend to stockholders of $4,000. What is the balance in stockholders' equity at the end of year 2?

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