Brown Fashions Inc.'s December 31, 2018 balance sheet showed total common equity of $4,050,000 and 290,000 shares of stock outstanding. During 2019, the firm had $450,000 of net income, and it paid out $100,000 as dividends. Assume that no common stock was either issued or retired during 2019.
Compute the total book value of equity as at 12/31/2019
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