Sheffield Corp. reported the following balances at December 31, 2018: common stock $392,000, paid-in capital in excess of par valuecommon stock $101,000, and retained earnings $254,000. During 2019, the following transactions affected stockholders' equity.

1. Issued preferred stock with a par value of $124,000 for $208,000. 2. Purchased treasury stock (common) for $41,000. 3. Earned net income of $142,500. 4. Declared and paid cash dividends of $50,000.

Prepare the stockholders equity section of Sheffield Corp.s December 31, 2019, balance sheet.

Sheffield Corp. Balance Sheet (Partial) December 31, 2019 $ > $