Problem 145A Your answer is partially correct Try again On J

Problem 14-5A Your answer is partially correct. Try again. On January 1, 2017, Shellenburger Inc. had the following stockholders\' equity account balances. Common Stock, no-par value (533,500 shares issued) Common Stock Dividends Distributable Retained Earnings 161,000 610,500 During 2017, the following transactions and events occurred. 1. 2. 3. 4. 5. Issued 80,025 shares of common stock as a result of a 15% stock dividend declared on December 15, 2016. 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. Declared and paid a cash dividend of $82,900. Earned net income of $306,500. epare the stockholders\' eauitv section of the halanra cheat at naram har1 /r--

Solution

SHELLENBURGER INC. Balance Sheet (Partial) For the Year Ended Dec 31, 2017 Stockholders\' Equity Paid-in Capital Capital Stock Common Stock - $1,600,500 + $161,000 + (34,850 Shares X $6)          1,970,600 Retained Earnings -$610,500 + $66,600 -$82,900 + $306,500              900,700 Total Stockholders\' Equity          2,871,300