Question - On January 1, 2017, Shellenburger Inc. had the following stockholders' equity account balances.
Common Stock, no-par value (459,500 shares issued) - $1,838,000
Common Stock Dividends Distributable - 160,000
Retained Earnings - 606,500
During 2017, the following transactions and events occurred.
1. Issued 43,950 shares of common stock as a result of a 10% stock dividend declared on December 15, 2016.
2. Issued 32,100 shares of common stock for cash at $6 per share.
3. Corrected an error that had understated the net income for 2015 by $70,900.
4. Declared and paid a cash dividend of $84,700.
5. Earned net income of $336,000.
Prepare the stockholders' equity section of the balance sheet at December 31, 2017.