On January 1, 2013, Michael invested capital of $50,000 into his newly

On January 1, 2013, Michael invested capital of $50,000 into his newly formed corporation. That year, the corporation generated $15,000 of net income and paid half out in dividends. In 2014, the corporation generated $17,000 of net income and paid out half of it in dividends. Determine the ending stockholder’s equity balance at the end of 2014.