Marcy's Catering had the following information in the shareholders' equity section of its balance sheet at January 1,2011.
During 2011,the following transactions occurred:
a.The corporation purchased 500 shares of treasury stock on June 15 for $5 per share.
b.The corporation reported $65,000 in net income.
c.A dividend of $0.50 per share was paid on November 15.
Required: Prepare the shareholders' equity section of the balance sheet at December 31,2011 for Marcy's Catering.
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