Q2. Exercise 13-03 During its first year of operations, Sheffield Corporation had the following transactions pertaining to its common stock. Jan. 101ssued 69,500 shares for cash at $5 per share. 11ssued 40,500 shares for cash at $8 per share. July a. Journalize the transactions, assuming that the common stock has a par value of $5 per share. b. Journalize the transactions, assuming that the common stock is no-par with a stated value of $2 per share. HW8 due 12/15 midnight Submit to blackboard Q1. The Kimm Company had the following assets and liabilities on the dates indicated. Kimm began business on January 1, 2006, with an investment of $50,000. Total Liabilities December 31 2006 2007 T otal Assets $170,000 190,000 250,000 260,000 10,000 170,000 2008 2009 120,000 (1) In 2006, there was no dividend and additional investment of $20,000 was made by owner on September 1, 2006. (2) In 2007, Kimm paid $5,000 dividends, no additional investment was made. (3) In 2008, Kimm had no additional investment and no dividend. In 2009, Kimm had $10,000 dividends and made $40,000 additional investment Determine Net income for 2006, 2007, 2008, 2009. Show work. Determine Retained earnings at the end of 2006, 2007, 2008, 2009. Show work Determine Common stock at the end of 2006, 2007, 2008, 2009. Show work