Problem 11-3A The stockholders' equity accounts of Sheridan Company on January 1, 2019, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $ 400,000 1,200,000 135,000 1,500,000 1,850,000 55,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,000 shares of common stock for $116,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,900. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,700. Dec. 31 Determined that net income for the year was $415,000. No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Record journal entries in the order prese indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry Date Account Titles and Explanation Debit Credit Feb. 1 Cash 116000 Common Stock 24000 Paid-in Capital in Excess of Stated Value-Common 92000 Apr. 14 ) Cash 32900 Treasury Stock 30000 Paid-in Capital from Treasury Stock 2900 Sept. 3 Cash 35700 Common Stock 5200 Paid-in Capital in Excess of Stated Value-Common 30500 Nov. 10 Treasury Stock 5700 Cash 5700 Dec. 31 Income Summary 415000 Retained Earnings 415000 Enter the beginning balances in the accounts, and post the journal entries to the sto previous part.) Preferred Stock 400000 Jan. 1 bal. = Dec. 31 Bal. 400000 Paid-in Capital in Excess of Par Value-Preferred Stock Jan. 1 Bal. 135000 Dec. 31 Bal. v 135000 Common Stock Jan. 1 Bal. 1200000 Feb. 1 24000 Sep. 3 5200 Dec. 31 Bal. 1170800 Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Retained Earnings Paid-in Capital from Treasury Stock Treasury Stock Prepare a stockholders' equity section at December 31, 2019, including the disclosure of the preferred dividends in arrears. (Enter the ac descriptive information provided in the question.) Sheridan Company Balance Sheet (Partial) tA