Sheffield Corp. began $$perations on April $1$ by issuing $69,100$ shares of $$5$ par value common stock for cash at $$15$ per share. On April $19,$ it issued $1,900$ shares of common stock to attorneys in settlement of their bill of $$27,600$ for organization costs. In addition, Sheffield issued $1,200$ shares of $$1$ par value preferred stock for $$5$ cash per share.

Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. $($Record journal entries in the order presented in the problem. 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.$)$

Date

Account Titles and Explanation

Debit

Credit

Apr. $1$

Cash

Common Stock

Paid$-$in Capital in Excess of Stated Value$-$Common Stock

$($To record issuance of common stock for attorney's fees$)$