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Volunteer Brewery's shareholders’ equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock,...

Volunteer Brewery's shareholders’ equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 1 million shares at $1 par $ 1,000,000 Paid-in capital—excess of par 14,000,000 Retained earnings 4,200,000

On March 13, Volunteer reacquired 300,000 shares of its common stock as treasury stock at $10 per share. Volunteer later resold 200,000 shares for $12 per share. Net income for 2021 was $480,000 and the entire net income was distributed as cash dividends to common shareholders. What amount of shareholders' equity would be reported on the balance sheet dated December 31, 2021?

$18,600,000

$19,200,000

$16,200,000

$19,480,000

None of the answer choices is correct.
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