need help with the following
On January 1, 2022, Sheffield Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 72,500 shares issued and outstanding) $725,000 Paid-in Capital in Excess of Par Value 487,500 Retained Earnings 675,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Dec. 31 Determined that net income for the year was $365,000. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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 for the amounts.) e Account Titles and Explanation Debit Credit Cash Dividends 43500 Dividends Payable 43500 Dividends Payable 43500 Cash 43500 Stock Dividends 101500 Common Stock Dividends Distributable 72500 Paid-in Capital in Excess of Par Value-Common Stock 29000 Common Stock Dividends Distributable 72500 Common Stock 72500 Cash Dividends 39875 Dividends Payable 39875 Income Summary 365000 Retained Earnings 365000 (To close net income) 1000 Retained Earnings 101500 Stock Dividends IN DIE 101500 (To close stock dividends) Retained Earnings 83375 Cash Dividends 83375 (To close cash dividends) Enter the beginning balances and post the entries to the stockholders' equity T-accounts. (Post entries in the order of journal entri posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Common Stock 1/1 Bal. 797,500 1/1 Bal. 725.000 5/15 72,500 12/31 Bal. 797,500 Retained Earnings 12/31 101500 1/1 Bal. 675000 12/31 83375 12/31 365000 12/31 Bal. 1040000 1040000 Paid-in Capital in Excess of Par Value 12/31 516500 1/1 Bal. 487500 5/15 29000 12/31 Bal. 516500 12/31 Bal. 516000 Cash Dividends 1/15 43500 5/15 83375 12/1 39875 12/31 Bal. 83375 12/31 Bal. 83375 Common Stock Dividends Distributable 5/15 72500 4/15 V 72500 12/31 Bal. 72500 12/31 Bal. 72500 Stock Dividends 5/15 72500 12/31 101500 5/15 29000
