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 Common Stock ($4 stated value, 240,000 shares authorized) 800,000 Paid-in Capital in Excess of Par Value-Preferred Stock 12,000 Paid-in Capital in Excess of Stated Value-Common Stock 384,000 Retained Earnings 550,400 Treasury Stock (4,000 common shares) 32,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,000 shares of common stock for $24,000. Mar. 20 Purchased 800 additional shares of common treasury stock at $7 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. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, Dec. 31 Determined that net income for the year was $225,000. Paid the dividend declared on December 1. Date Account Titles and Explanation Debit Credit (To record net income) (To close cash dividends) (To record payment of cash dividends payable)