The stockholders' equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) $240,000 800,000 12,000 Common Stock ($4 stated value, 240,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,000 common shares) 384,000 550,400 32,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Issued 4,000 shares of common stock for $24,000. Purchased 800 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on Dec Nov. 1 Dec. 1 Dec. 31 Determined that net income for the year was $225,000. Paid the dividend declared Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 2/1 10/1 Retained Earnings 3/20 12/1 12/31 12/31 Bal. Cash Dividends Cash Dividends Treasury Stock