In 2020, Sheffield Inc. issued 700 shares of $10 par value common stock for land worth $38,600. (a) Prepare Sheffields journal entry to record the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
select an account titleCashCommon StockLandNo EntryPaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of ParPreferred StockPreferred StockRetained Earnings CashCommon StockLandNo EntryPaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of ParPreferred StockPreferred StockRetained Earnings	enter a debit amount	enter a credit amount
select an account titleCashCommon StockLandNo EntryPaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of ParPreferred StockPreferred StockRetained Earnings CashCommon StockLandNo EntryPaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of ParPreferred StockPreferred StockRetained Earnings	enter a debit amount	enter a credit amount
select an account titleCashCommon StockLandNo EntryPaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of ParPreferred StockPreferred StockRetained Earnings CashCommon StockLandNo EntryPaid-in Capital in Excess of ParCommon StockPaid-in Capital in Excess of ParPreferred StockPreferred StockRetained Earnings	enter a debit amount	enter a credit amount

(b) Indicate the effect the transaction has on cash. select an effect No EffectIncreaseDecrease DecreaseNo EffectIncrease (c) Indicate how the transaction is reported on the statement of cash flows.

Sheffield Inc. Statement of Cash Flows (Partial) choose the accounting periodDecember 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select an opening section nameCash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
select an itemPurchase of Land Through Issuance of Common StockIssuance of Common StockPaid-in Capital in Excess of Par-Preferred StockPurchase of LandPreferred Stock Paid-in Capital in Excess of Par-Preferred StockPreferred StockPurchase of LandPurchase of Land Through Issuance of Common StockIssuance of Common Stock		$enter a dollar amount