Question
On January 1, 2017, Shellenburger Inc. had the following stockholders? equity account balances.Common Stock, no-par value (527,500 shares issued) $1,582,500Common Stock Dividends Distributable 194,000Retained Earnings
On January 1, 2017, Shellenburger Inc. had the following stockholders? equity account balances.Common Stock, no-par value (527,500 shares issued) $1,582,500Common Stock Dividends Distributable 194,000Retained Earnings 551,500During 2017, the following transactions and events occurred.1. Issued 79,125 shares of common stock as a result of a 15% stock dividend declared on December 15, 2016.2. Issued 25,950 shares of common stock for cash at $7 per share.3. Corrected an error that had understated the net income for 2015 by $73,750.4. Declared and paid a cash dividend of $82,900.5. Earned net income of $333,000.Prepare the stockholders? equity section of the balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.)SHELLENBURGER INC.Partial Balance Sheet
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