On January 1, 2020, the Sheffield Corp. had $2,360,000 of $10 par value common stock outstanding that was issued at par and Retained Earnings of $1,660,000. The company issued 142,000 shares of common stock at $15 per share on July 1. On December 15, the board of directors declared a 10% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Sheffield Corp. stock was $17 per share on December 15 and $17 per share on December 31. Net income for 2020 was $500,000. (a) Correct answer icon Your answer is correct. Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date July 1 enter an account title Cash enter a debit amount 2130000 enter a credit amount enter an account title Common Stock enter a debit amount enter a credit amount 1420000 enter an account title Paid-in Capital in Excess of Par Value-Common Stock enter a debit amount enter a credit amount 710000 choose a transaction date Dec. 15 enter an account title Stock Dividends enter a debit amount 642600 enter a credit amount enter an account title Common Stock Dividends Distributable enter a debit amount enter a credit amount 378000 enter an account title Paid-in Capital in Excess of Par Value-Common Stock enter a debit amount enter a credit amount 264600 List of Accounts Attempts: 1 of 2 used (b) Prepare the stockholders' equity section of the balance sheet for Sheffield Corp. at December 31, 2020. SHEFFIELD CORP. Balance Sheet (Partial) December 31, 2020 select an opening section name Stockholders' Equity select an opening section name Paid-in Capital select an opening section name Capital Stock select an opening section name Common Stock $enter a dollar amount 1420000 select an opening section name Additional Paid-in Capital in Excess of Par Value enter a dollar amount 71000 select an opening section name Total Capital Stock enter a subtotal of the two previous amounts 1491000 select an opening section name Retained Earnings enter a dollar amount select an opening section name enter a total amount for this subsection select an opening section name enter a dollar amount select an opening section name $enter a total amount for this section