Sheffield Corp reported the following balances at December 31, 2021: common stock \$399,000, paid-in Capital in Excess of Parcommon stock $107,000, and retained earnings $254,000. During 2022 , the following transactions affected stockholders' equity. 1. Issued preferred stock with a par value of $125,500 for $192,000. 2. Purchased treasury stock (common) for $39,500. 3. Earned net income of $145,000. 4. Declared and paid cash dividends of $54,500