Sheffield Corporation was organized on January 1, 2020. It is authorized to issue 11,000 shares of 8%, $100 par value preferred stock, and 520,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

Jan.	10		Issued 75,500 shares of common stock for cash at $6 per share.
Mar.	1		Issued 5,500 shares of preferred stock for cash at $110 per share.
Apr.	1		Issued 22,500 shares of common stock for land. The asking price of the land was $85,500. The fair value of the land was $80,000.
May	1		Issued 81,500 shares of common stock for cash at $4.25 per share.
Aug.	1		Issued 11,500 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in helping the company organize.
Sept.	1		Issued 12,000 shares of common stock for cash at $6 per share.
Nov.	1		Issued 2,000 shares of preferred stock for cash at $110 per share.

a) Journalize the transactions

b) Post to the stockholders equity accounts.

c) Prepare the paid-in capital section of stockholders equity at December 31, 2020.