Sheffield Corporation has been authorized to issue $20,000$ shares of $$100$ par value, $10\%,$ preferred stock and $1,047,600$ shares of nopar common stock. The corporation assigned a $$2\mathrm{.}70$ stated value to the common stock. At December $31,2027,$ the ledger contained the following balances pertaining to stockholders' equity.

Preferred Stock

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

Common Stock

Paid$-$in Capital in Excess of Stated Value$-$Common Stock

Treasury Stock $(1,060$ common shares$)$

Paid$-$in Capital from Treasury Stock

Retained Earnings

$$100,000$

$42,500$

$1,047,6001,668,400$

$11,660$

$1,590$

$83,500$

The preferred stock was issued for land having a fair value of $$142,500.$ All common stock issued was for cash. In November, $1,590$ shares of common stock were purchased for the treasury at a per share cost of $$11.$ In December, $530$ shares of treasury stock were sold for $$14$ per share. No dividends were declared in $2027.$