On January 1 of the current year, Jimmy's Sandwich Company reported total stockholders' equity of $122,500. During the current year, total revenues were $96,000 while total expenses were $85,500. Also, during the current year the company paid $20,000 in dividends. No other changes in equity occurred during the year. The change in total equity during the year was:
A. A decrease of $30,500.
B. An increase of $73,500.
C. An increase of $30,500.
D. An increase of $9,500.
E. A decrease of $9,500.
Answer: E
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