Question 7 On January 1, 2017, Shellenburger Inc. had the following stockholders' equity account balances. Common Stock, no-par value (533,500 shares $1,600,500 issued) Common Stock Dividends Distributable 161,000 Retained Earnings 610,500 During 2017, the following transactions and events occurred. 1. Issued 80,025 shares of common stock as a result of a 15% stock dividend declared on December 15, 2016. 2. Issued 34,850 shares of common stock for cash at $6 per share. Corrected an error that had understated the net income for 2015 by $66,600. 4. Declared and paid a cash dividend of $82,900. Earned net income of $306,500. 3. 5. SHELLENBURGER INC. Partial Balance Sheet Click if you would like to Show Work for this question: Open Show Work