On March 1, Sheffield Inc. sells 1,800 common shares to its employees at $26 per share and lends the money to the employees to buy the new shares in exchange for a note receivable. The employees pay 35% of the price on the transaction date and pay the balance in one year (a) Prepare the company's necessary journal entry on March 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 1