QUESTION THREE On January 1, 2017, Makanda Inc. had the following stockholders' equity account balances. Common Stock, no-par value (500,000 shares issued) K1,500,000 Common Stock Dividends Distributable 200,000 Retained Earnings 600,000 During 2017, the following transactions and events occurred. 1. Issued 50,000 shares of common stock as a result of a 10% stock dividend declared on December 15, 2016. 2. Issued 30,000 shares of common stock for cash at K6 per share. 3. Corrected an error that had understated the net income for 2015 by K70,000. 4. Declared and paid a cash dividend of K80,000. 5. Earned net income of K300,000. Instructions Prepare the stockholders' equity section of the balance sheet at December 31, 2017