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Prepare the stockholders equity section of the balance sheet

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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.

Reference no: EM131717387

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