Income Statement and Balance Sheet Relationships
On December 1,2011, Millstone Corporation invested $45,000 in a new delivery truck. The truck is being depreciated at a monthly rate of $500. During 2011, the company issued stock for $60,000 and declared dividends of $5,000. Its net income in 2011 was $70,000. Millstone's ending Retained Earnings balance as reported in its December 31,2011, balance sheet was $90,000. Its beginning Capital Stock balance on January 1, 2011, was $200,000. Given this information, determine the total stockholders' equity reported in the company's balance sheet dated December 31,2011.
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