Sheffield Corporation has the following capital structure at the beginning of the year: $350.000 400.000 4% Preferred stock $50 par value, 20.000 shares authorized 7,000 shares issued and outstanding Common stock. $10 par value, 60,000 shares authorized 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital 109.000 859.000 Retained earnings 433.000 Total stockholders' equity $1.292,000 Record the following transactions which occurred consecutively. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) 1. 2. A total cash dividend of $105.000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts. A 15% common stock dividend was declared. The average fair value of the common stock is $22 a share. Assume that net income for the year was $141.000 (record the closing entry) and the board of directors appropriated $66,000 of retained earnings for plant expansion 3. No. Account Titles and Explanation Debit Credit 1. Retained Earnings 105000 Dividends Payable - Preferred 14000 Dividends Payable - Common 91000 2. Retained Earnings 132000 Common Stock Dividend Distributable 60000 Paid-in Capital in Excess of Stated Value - Common Stock 72000 3. Retained Earnings (To record appropriated retained earnings.) (b) Construct the stockholders' equity section incorporating all the above information. SHEFFIELD CORPORATION Balance Sheet (Partial)