Problem - On January 1, 2010, Yadier Inc. had the following stockholders' equity account balances.
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Common Stock, no-par value (509,000 shares issued)
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$1,527,000
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Common Stock Dividends Distributable
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211,000
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Retained Earnings
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636,000
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During 2010, the following transactions and events occurred.
1. Issued 55,990 shares of common stock as a result of a 11 % stock dividend declared on December 15, 2009.
2. Issued 28,000 shares of common stock for cash at $6 per share.
3. Corrected an error that had understated the net income for 2008 by $72,000.
4. Declared and paid a cash dividend of $77,000.
5. Earned net income of $334,000.
Instructions - Prepare the stockholders' equity section of the balance sheet at December 31, 2010.