Problem 14-04A (Video) On January 1, 2020, Sheridan Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) $1,190,000 Paid-in Capital in Excess of Par-Common Stock 540,000 Common Stock Dividends Distributable 210,000 Retained Earnings 620,000 During 2020, the following transactions and events occurred. 1. 2. 3. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 52,500 shares of common stock for cash at $4 per share. Purchased 29,000 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $111,000. Sold 5,000 shares of treasury stock for cash at $5 per share. Earned net income of $320,000. 4. 5. 6. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign Sheridan Inc. Stockholders' Equity Statement Paid in Capital in Common Excess of Stock Par Dividends Common Stock Distributable Common Stock Treasury Stock Retained Earnings Tot Balances, Jan. 1 $ $ $ $ Issued 105,000 share for stock dividend Issued 52,500 shares for cash Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the Sheridan Inc. Stockholders' Equity Statement Paid-in Capital in Common Excess of Stock Par- Dividends Common Stock Distributable Common Stock Treasury Stock Retained Earnings Total Balances, Jan. 1 $ $ $ $ Issued 105,000 share for stock dividend y Issued 52,500 shares for cash Purchased 29,000 shares of treasury stock Declared cash dividend Sold 5,000 shares of treasury stock Net income for year Balances, Dec. 31 $ $ Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT VIDEO: SIMILAR PROBLEM to search