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1. Eizik Company was founded on Jan 1st 2014 by issuing 100,000 shares ($1 par value) for $400,000 in cash. Following are relevant transactions: On July 1st 2014 the company declared and paid dividend to its shareholders in the amount of 20% out of company's shares par value. On Dec 31st 2014 the company took a $500,000 loan from the bank that is due back within 5 years and carries 10% annual interest rate to be paid from Dec 31st 2015. On May 1st 2015 the company issued 20,000 shares ($1 par value) for $100,000 in cash. On Nov 30th 2015 the company declared and paid dividend to its shareholders in the amount of 40% out of company's shares par value. The net income for 2014 and 2015 is $250,000 and $400,000, respectively. What is the balance of the equity on Dec 31st 2015? a. $2,000,000 b. $1,072,000 c. $1,032,000 d. $1,150,000 e. $1,082,000