The stockholders' equity accounts of Sheffield Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,550 shares authorized) $273,000 Common Stock ($5 stated value, 301,000 shares authorized) 1,254,166 Paid-in Capital in Excess of Par Value-Preferred Stock 13,650 Paid-in Capital in Excess of Stated Value-Common Stock 481,600 Retained Earnings 688,000 Treasury Stock (4.550 common shares) 36,400 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,640 shares of common stock for $27.840. Mar. 20 Purchased 1,800 additional shares of common treasury stock at $8 per share, Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec. 31 Determined that net income for the year was $278,800. Paid the dividend declared on December 1. 1 Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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. Round answers to decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 27840 Common Stock 23. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 278.40 Common Stock 23 Paid-in Capital in Excess of Par Value-Common Stock 9. Mar. 20 Treasury Stock 14400 Cash 14.