Exercise 3 - Statement of Shareholders Equity - 14 points

On January 1, 2016, Marlow Corporation had the following shareholders equity account balance:

Accumulated other comprehensive income $70,000

Additional paid-in capital on common stock 250,000

Common stock, $5 par 120,000

Retained earnings 560,000

During 2016, the following events occurred in the order listed and were properly recorded.

Marlow issued 6,000 shares of common stock at $25 per share.

Marlow earned net income of $81,800.

Marlow repurchased 400 shares to hold in treasury, spending $22 per share.

Marlow said a $1.00 per share dividend on its investment in available-for-sale securities of $9000.

Prepare a 2016 statement of changes in shareholders equity for Marlow.