Excess,Inc.'s corporate charter allows it to sell 200,000 shares of $1 par value common stock.During 2011,its first year of business,it sold 30,000 shares of its common stock at $8 per share.Net income for 2011 was $15,000 and dividends of $4,000 were declared.It repurchased 100 shares of its stock for $9 per share.
Required: Complete both the statement of changes in shareholders' equity and the shareholders' equity section of the balance sheet.

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The Answer of Excess,Inc.'s corporate charter allows it to sell 200,000 shares of $1 par value common stock.During 2011,its first year of business,it sold 30,000 shares of its common stock at $8 per share.Net income for 2011 was $15,000 and dividends of $4,000 were declared.It repurchased 100 shares of its stock for $9 per share.
Required: Complete both the statement of changes in shareholders' equity and the shareholders' equity section of the balance sheet.