a. Fill in the amounts for the Norfolk Southern statement of changes in retained earnings. Note: Use negative signs with your answers, when appropriate.  Norfolk Southern Inc. Consolidated Statements of Changes in Retained Income Beginning Balance at Dec. 31, 2015 $16,306 Net income Answer   Dividends on Common Stock (1,112) Share repurchases (1,170) Other (13) Ending Balance at Dec. 31, 2016 16,680 Net income 8,646 Dividends on Common Stock Answer   Share repurchases (1,512) Other (8) Ending Balance at Dec. 31, 2017 22,682 Net income 4,266 Dividends on Common Stock (1,350) Share repurchases Answer   Other 130 Ending Balance at Dec. 31, 2018 $21,504   b. Is it true (or false) that Norfolk Southern purchased its own shares back during each year from 2016 to 2018? Answer

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.