The stockholders' equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred Stock...

  

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The stockholders' equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,100,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $375,000 Dec. 31 1,200,000 No dividends were declared during the year. 120,000 1,500,000 1,750,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 50,000 Feb. 1 Issued 25,000 shares of common stock for $117,000. Apr. 14 Sold 5,500 shares of treasury stock-common for $33,000. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $34,800. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,100. Determined that net income for the year was $475,000. A: Journalize the transactions and the closing entry for net income. B: Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. C: Prepare a stockholders' equity section at December 31, 2017, including the disclosure of the preferred dividends in arrears. The stockholders' equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,100,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $375,000 Dec. 31 1,200,000 No dividends were declared during the year. 120,000 1,500,000 1,750,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 50,000 Feb. 1 Issued 25,000 shares of common stock for $117,000. Apr. 14 Sold 5,500 shares of treasury stock-common for $33,000. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $34,800. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,100. Determined that net income for the year was $475,000. A: Journalize the transactions and the closing entry for net income. B: Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. C: Prepare a stockholders' equity section at December 31, 2017, including the disclosure of the preferred dividends in arrears.