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.

$($a$)$

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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. List all debit entries before credit entries. If no entry is required, select $"$No

Entry" for the account titles and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Common Stock

Paid$-$in Capital in Excess of Par$-$Preferred Stock

Debit

Credit

$2,781,000$

$3,886,000$

$536,00C$

$($b$)$

Post to the stockholders' equity accounts. $($Post entries in the order of journal entries posted in the previous part.$)$

Preferred Stock

Paid$-$in Capital in Excess of Par$-$Preferred Stock