Problem 14-5A On January 1, 2017,

Shellenburger Inc. had the following stockholders equity account balances:

Common Stock, no-par value (501,500 shares issued) $1,504,500

Common Stock Dividends Distributable 206,000

Retained Earnings 598,500

During 2017, the following transactions and events occurred:

1. Issued 75,225 shares of common stock as a result of a 15% stock dividend declared on December 15, 2016.

2. Issued 28,250 shares of common stock for cash at $5 per share.

3. Corrected an error that had understated the net income for 2015 by $70,600.

4. Declared and paid a cash dividend of $81,400.

5. Earned net income of $333,500.

Prepare the stockholders equity section of the balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.)