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Corrected an error that had understated the net income

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On January 1, 2017, Shellenburger Inc. had the following stockholders' equity account balances. Common Stock, no-par value (472,000 shares issued) $2,360,000 Common Stock Dividends Distributable 165,500 Retained Earnings 573,500 During 2017, the following transactions and events occurred. 1. Issued 70,800 shares of common stock as a result of a 15% stock dividend declared on December 15, 2016. 2. Issued 31,600 shares of common stock for cash at $7 per share. 3. Corrected an error that had understated the net income for 2015 by $72,950. 4. Declared and paid a cash dividend of $81,850. 5. Earned net income of $263,000.

Reference no: EM131757438

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