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. 1 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. 1 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. dy 1 Dec. 31 TER VERSION BALR NET (a) Your answer is correct. 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. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 24000 Common Stock 16000 8000 Pald in Capital in Excms of Stated Value-Commor Paid in Capital in Excess of Stated Value Common Stock Mar. 20 Treasury Stock 5600 Cash 5600 Oct. 1 v Cash Dividends 16800 16000 Dividends Payable 16800 Nov. 1 Dividends Payable 16800 Cash (b) Enter the beginning balances in the accounts and post the journal entries to the stockholders equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock Common Stock dy