3 Book Hint rint rences Ollie Company experienced the following events during its first-year operations: 1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 from the First City Bank. 3. Earned $59,000 of cash revenue. 4. Incurred $43,000 of cash expenses. 5. Paid a $7,000 cash dividend. 6. Paid $43,000 to purchase land. Required Prepare a statement of changes in stockholders' equity. OLLIE COMPANY Statement of Changes in Stockholders' Equity For the Period Ended December 31, Year 1 Beginning common stock 0 Ending common stock Plus: Net income Less: Dividends Plus: Common stock issued Beginning retained earnings 72,000 $ 72,000 0 16,000 Ending retained earnings Total stockholders' equity 9,000 $ 81,000