Yellow Enterprises reported the following as of December 31, 2016. All accounts have normal balances.

Deficit: 3,000

Common Stock: 2,000

Paid in capital Treasury stock: 1,000

Treasury Stock at cost: 400

Paid in capital excess of par: 30,000

During 2017, net income was $9,000, 25% of the treasury stock was resold for $450, cash dividends declared were $600, cash dividends paid were $500.

What was shareholders' equity as of December 31, 2017?