The Newland Company Corporation reported retained earnings as of December 31, 2016 of $310,000. Newland Co. had 200,000 common shares issued at the beginning of 2017. The following transactions occurred during 2017: An error was discovered. In 2015, the depreciation expense was recorded at US$70,000 but the correct amount was US$50,000. A cash dividend of US$0.50 per share was declared and paid. A 5% dividend per share was eliminated and distributed when the market price per share was $15.00. Net income was $285,000.

Prepare the stockholders' equity section.