The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold 6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 , No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Postentries in the order of joumal entries presented in the previous part.) Preferred Stock Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) SHEFFIELD CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary stock Total Stockholders' Equity.

1. The stockholders' equity accounts of Sheffield Corporation on January 1, 2022, were as follows.
During 2022, the corporation had the following transactions and events pertaining to its
stockholders ' equity. Feb. 1 Issued 24,000 shares of common stock for $117 , 000 . Apr. 14 Sold
6,000 shares of treasury stock-common for $33 , 700 . Sept. 3 Issued 5,100 shares of common
stock for a pathit valued at $35 , 000 . Nov. 10 Purchased 1,100 shares of common stock for the
treasury at a cost of $5 , 700 . Dec. 31 Determined that net income for the year was $420 , 000 ,
No dividends were declared during the year. Journalize the transactions and the closing entry for
net income. (List all debit entries before credit entries. Record journal entries in the order
presented in the problem. Credit account titles are automatically indented when amount is
entered. Do not indent manually.) Enter the beginning balances in the accounts, and post the
journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.)
(Postentries in the order of joumal entries presented in the previous part.) Preferred Stock
Retained Earnings eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used
Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and
do not provide the descriptive information provided in the question.) SHEFFIELD
CORPORATION Balance Sheet (Partial) December 31,2022 Stockholders' Equity Paid-in
Capital Capital Stock: Preferred Stock Common Stock Total Capital Stock Additional Paid in
Capital Paid in Capital in Evcess of Par-Preferred Stock Paid in Capital in Excess of Stated
Value Common Stock Paid-in Caphtal from Treasury Stock Total Additional Paidfin Capitat
Total Paid-in Capital Retained Earnines Total Paid-in Capital and Retahed Cornizgs ? Treasary
stock Total Stockholders' Equity