SHANDON COMPANY reports the following information at 31 December, 2019:

• Authorized Share Capital: 900,000 Ordinary Shares
• Par Value for Ordinary Shares = $3.00 per share
• 200,000 Ordinary shares issued at $24 per share;
• Retained Earnings: $17,500,000
• SHANDON Company has never repurchased its own shares prior to December 31, 2019.
• The following transactions take place during 2020:

August 1: SHANDON Company repurchased 50,000 ordinary shares at $50.00 per share.

October 1: SHANDON COMPANY declares a share dividend of 40% to shareholders of record on October 1. The share dividend is distributed on October 15. Treasury shares are not awarded a share or cash dividend.

November 1: SHANDON COMPANY declares a cash dividend of $1.50 per ordinary share to shareholders of record on November 15. The cash dividend is distributed on November 30.

December 15: SHANDON COMPANY re-issed 30,000 of the ordinary shares repurchased on August 1 at $10 per share.

MCQ

Assume that Retained Earnings on the Statement of Financial Position at 31 December 2020 is $16,805,000. What amount in dollars (i.e., $) will be shown for Total Shareholder Equity (i.e., Total Stockholders Equity) in the Statement of Financial Position on 31 December 2020?

Select one:

a. $22,350,200

b. $20,635,000

c. $20,786,400

d. $21,480,800

e. None of these answers