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, 2022, 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 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 2022. (a) Prepare the journal entries for the: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. Land 142500 Preferred Stock 100000 Paid-in Capital in Excess of Par-Preferred Stock 42500 2. Cash 3076000 Common Stock 1407600 Paid-in Capital in Excess of Stated Value-Common Stock 1668400 3. Treasury Stock 17490 2. Cash 3076000 Common Stock 1407600 Paid-in Capital in Excess of Stated Value-Common Stock 1668400 3 . Treasury Stock 17490 Cash 17490 4. Cash 7420 Treasury Stock 5830 Paid-in Capital from Treasury Stock 1590 Prepare the stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) SHEFFIELD CORPORATION Balance Sheet (Partial) a Treasury Stock $ 4 $ $