Shareholders equity common shares and retained earnings

House Inc. ended 2013 with 3 million common shares issued and outstanding. The average issue price was $4.00. Beginning retained earnings totalled $39 million.

(a) In March 2014, house issued 4 million common shares at a price of $8 per share.

(b) In May, the company distributed a 8% stock dividend at a time when houses Inc common shares had a fair value of $9 per share.

(c) Then in October, houses Inc. stock price dropped to $5 per share and the company executed a 1-for-2 stock split.

(d) For the year, house Inc. earned net income of $20 million and declared cash dividends of $13 million.

Complete the following tabulation to show what house Inc. should report for shareholders' equity at December 31, 2014. Journal entries are not required.

amounts in millions	common shares	+ retained earnings	=Total equity
bal. Dec 31,2013	$12.00	+ $39.00	= $51
Issuance of shares		+	=
Stock dividend		+	=
Net income		+	=
cash dividend		+	=
Bal. Dec 21, 2014		+	=