Sheffield Corp. has been authorized to issue 20,500 shares of $100 par value, 9%, noncumulative preferred stock and 1,150,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2025, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $155,000 Paid-in Capital in Excess of Par-Preferred Stock 21,500 Common Stock 1,985,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,508,600) Treasury Stock (4,500 common shares) 49,500 Retained Earnings 83,100 Accumulated Other Comprehensive Income 49,500 The preferred stock was issued for $176,500 cash. All common stock issued was for cash. In November 4,500 shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2025. (a) Your answer is correct. Prepare the journal entries for the following. (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. List all debit entries before credit entries.) (1) Issuance of preferred stock for co Your answer is correct. Prepare the journal entries for the following. (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 O for the amounts. List all debit entries before credit entries.) IL (1) Issuance of preferred stock for cash. (2) 23 Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. int Titles and Explanation eferred Stock ald-In Capital in Excess of Par-Preferred Stock ommon Stock aid-in Capital in Excess of Stated Value-Common Stock sury Stock ash eTextbook and Media List of Accounts Debit Credit 176500 155000 21500 34936001 1985000 1508600 49500 49500 Question 2 of 2 Prepare the stockholders' equity section of the balance sheer st December 31, 2025 (Enter account name only and do not provide descriptive information) SHEFFIELD CORP. Partial Balance Sheet December 31,2025 0 0 O 0 o 9