On January 1, 2017, Shellenburger Inc. had the following stockholders' equity account balances.

Common Stock, no-par value (548,500 shares issued) $2,194,000

Common Stock Dividends Distributable 201,000

Retained Earnings 561,500

During 2017, the following transactions and events occurred.

1.Issued54,850 shares of common stock as a result of a10% stock dividend declared on December 15, 2016.

2.Issued28,250 shares of common stock for cash at $7 per share.

3.Corrected an error that had understated the net income for 2015 by $71,550.

4.Declared and paid a cash dividend of $75,500.

5.Earned net income of $313,000.

Prepare the stockholders' equity section of the balance sheet at December 31, 2017.