Sheffield Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 51.500 shares for cash at $54 per share. July 1 Issued 67.000 shares for cash at $58 per share Your answer is partially correct Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when amount is entered. Do not indent manually. I no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation 14664000 Feb1 Cash 5200000 Preferred Stock W600 Pald-in Capitalin Excess of Par Value Preferred Stock 200 July 1 Cash Preferred Stock 18 Paid-in Capital in Ece of Par Value Prired Stock Post to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock