Problem 11-02A (Part Level Submission) The stockholders' equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) $240,000 Common Stock ($4 stated value, 240,000 shares authorized) 800,000 Paid-in Capital in Excess of Par Value-Preferred Stock 12,000 Pald-in Capital in excess of Stated Value--Common Stock 384,000 Retained Earnings 550,400 Treasury Stock (4,000 common shares) 32,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. Issued 4,000 shares of common stock for $24,000. Mar. 20 Purchased 800 additional shares of common treasury stock at $7 per share. Oct. Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. Determined that net income for the year was $225,000. Paid the dividend declared on December 1. 1 1 1 Dec. 31