On January 1, 2017, Shellenburger Inc. had the following stockholders equity account balances. Common Stock, no-par value (527,500 shares issued) $1,582,500 ,Common Stock Dividends Distributable 194,000 ,Retained Earnings 551,500 During 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