For HW 13.1 part (E) and part (F).
For part (E), what do they mean by original cash ?
For part (F), the equity should be $12.5 x 2M shares + $17.5 x 1M shares =$32.5 M or is it $17.5 x 3M shares = $52.5 M ?

To calculate the book equity on part E, it says to use "original cash + earning - expense", which I interpret as = original cash + retained earning. (please correct me if that's wrong) 

My question: what counts as "original cash?"

 -  Is it the sale of outstanding stock price throughtout the year? i.e. ($12.5*2M) + ($17.5*1M) ?

 -  also want to confirm that orig. cash does not include the $8M used to buy land, since that amount is being canceled out (expenditure out first but gain back in asset)

Your help is greatly appreciated!