Problem 13-01A a-c

Sheffield Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 520,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

Jan.	10		Issued 75,500 shares of common stock for cash at $6 per share.
Mar.	1		Issued 5,500 shares of preferred stock for cash at $110 per share.
Apr.	1		Issued 22,500 shares of common stock for land. The asking price of the land was $85,500. The fair value of the land was $80,000.
May	1		Issued 81,500 shares of common stock for cash at $4.25 per share.
Aug.	1		Issued 11,500 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in helping the company organize.
Sept.	1		Issued 12,000 shares of common stock for cash at $6 per share.
Nov.	1		Issued 2,000 shares of preferred stock for cash at $110 per share.

Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are aut amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 10 Cash 453000 Common Stock 226500 Paid-in Capital in Excess of Stated Value-Common St 226500 Mar. 1 Cash 605000 Preferred Stock 550000 Paid-in Capital in Excess of Par-Preferred Stock 55000 Apr. 1 Land 80000 Common Stock 67500 Paid-in Capital in Excess of Stated Value-Common St 12500 May 1 cash 346375 Common Stock 244500 Paid-in Capital in Excess of Stated Value-Common St 10175 Aug. 1 Organization Expense 39500 Common Stock 34500 Paid-in Capital in Excess of Stated Value-Common St 5000 Sept. 1 Cash 72000 Common Stock 36000 Paid-in Capital in Excess of Stated Value-Common St 36000 Nov. 1 Cash 220000 Common Stock 200000 Paid-in Capital in Excess of Par-Preferred Stock 20000 Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Prepare the pald-in capital section of stockholders' equity at December 31, 2020. (Enter the account information provided in the question.) SHEFFIELD CORPORATION Balance Sheet (Partial)