On January 1, 2020, Sheridan Inc. had the following stockholders' equity balances. Common Stock (500,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $1,000,000 520,000 160,000 580,000 During 2020, the following transactions and events occurred. 1. 2. 3. Issued 80,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 40,000 shares of common stock for cash at $4 per share. Purchased 35,000 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $120,000. Sold 7,000 shares of treasury stock for cash at $5 per share. Earned net income of $335,000. 4. 5. 6. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -45 or parentheses e.g.(45).) Sheridan Inc. Stockholders' Equity Statement Paid-in Capital in Excess of Par- Common Stock Common Stock Dividends Distributable Common Stock Treasury Stock $ $ $ $ $ $ Balances, Jan. 1 Issued 80,000 share for stock dividend Issued 40,000 shares for cash Purchased 35,000 shares of treasury stock Declared cash dividend Sold 7,000 shares of treasury stock Net income for year Balances, Dec. 31 $ $ $ $