Sheffield Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, preferred stock and 1,047,600 shares of no-par common stock. The corporation assigned a $2.70 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $100,000 Paid-in Capital in Excess of Par-Preferred Stock 42.500 Common Stock 1,047,600 Paid-in Capital in Excess of Stated Value-Common Stock 1,668.400 Treasury Stock (1,060 common shares) 11,660 Paid-in Capital from Treasury Stock 1,590 Retained Earnings 83,500 Accumulated Other Comprehensive Income 55,000 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 2020.