Question: On January 1 , 2 0 2 2 , the stockholders' equity section of Sheffield Corporation shows common stock ( $ 4 par value )

On January 1,2022, the stockholders' equity section of Sheffield Corporation shows common stock ( $4 par value) $1,200,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred.
Mar. 1 Purchased 47,000 shares for cash at $15 per share.
July 1 Sold 10,000 treasury shares for cash at $17 per share.
Sept. 1 Sold 8,500 treasury shares for cash at $14 per share.
On January 1,2022, the stockholders' equity section of Sheffield Corporation shows

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