Problem 15-6 (Part Level Submission) Sheffield Company has the following stockholders' equity accounts at December 31, 2017 Common Stock ($100 par value authorized 7,600 shares) Retained Eanings $505,600 2 291,700 Your answer is correct. Prepare entries in journal form to record the following transactions, which took place during 2018. (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 0 for the amounts.) (1) 290 shares of outstanding stock were purchased at $98 per share. (These are to be accounted for using the cost method.) (2) A $22 per share cash dividend was declared (3) The dividend declared in (2) above was paid (4) The treasury shares purchased in (1) above were resold at $102 per share (5) 550 shares of outstanding stock were purchased at $105 per share (6) 340 of the shares purchased in (5) above were resold at $97 per share No. Account Titles and Explanation 1. TTreasury Stock Debit Credit 28420 204852 Casi 2. TRetained Earnin 04852 ividends Payabl ividends Payabl Casi Cash 04852 4 reasury Stoc aid-in Capital from Treasury Sto 5. Ttreasury Stock 57750 Casi Cash 6 aid-in Capital from Treasury Sto etained Earnin reasury Stoc Attempts: 2 of 2 used Prepare the stockholders' equity section of Sheffield Company's balance sheet after giving effect to these transactions, assuming that the net income for 2018 was $96,700. State law requires restriction of retained earnings for the amount of treasury stock. (Enter account name only and do not provide descriptive information.) SHEFFIELD COMPANY Stockholders' Equity 505600 Attempts: 0 of 2 used