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Relevant financial information for Gearing Gravel Limited at January 1, 2016 is as follows:
During the year, total cash dividends of $3,000 were declared. Net income for the year amounted to $20,000. 100 common shares were issued on February 28, 2016 for $5,000. 20 common shares were reacquired on December 31 for $1,000 and held as treasury shares.
Required: Prepare the statement of changes in equity for the year ended December 31, 2016 and the related note to the financial statements.
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