Forrest Inc. experienced the following events during its first-year operations:
1. Acquired $65,000 cash from the issue of common stock.
2. Borrowed $20,000 from the First City Bank.
3. Earned $65,000 of cash revenue.
4. Incurred $52,000 of cash expenses.
5. Paid a $5,000 cash dividend.
6. Paid $35,000 to purchase land.

Required
Prepare a statement of changes in stockholders’ equity.