Reference no: EM131812393
On January 1, 2017,
Shellenburger Inc. had the following stockholders' equity account balances:
Common Stock, no-par value (501,500 shares issued) $1,504,500
Common Stock Dividends Distributable 206,000
Retained Earnings 598,500
During 2017, the following transactions and events occurred:
1. Issued 75,225 shares of common stock as a result of a 15% stock dividend declared on December 15, 2016.
2. Issued 28,250 shares of common stock for cash at $5 per share.
3. Corrected an error that had understated the net income for 2015 by $70,600.
4. Declared and paid a cash dividend of $81,400.
5. Earned net income of $333,500.
Prepare the stockholders' equity section of the balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.)
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