View Policies Current Attempt in Progress Sheffield Corp. has been authorized to issue 20,500 shares of $100 par value, 9%, noncumulative preferred stock and 1.150,000 shares of no-par common stock The corporation assigned a $5 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (4,130 common shares) Retained Earnings Accumulated Other Comprehensive Income $155.000 21,500 1.985.000 1.560,000 45,430 83.100 49,500 The preferred stock was issued for $176,500 cash. All common stock issued was for cash. In November 4,130 shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2022 Prepare the journal entries for the following. (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 tities and enter for the amounts.) (1) 2 (3) Issuance of preferred stock for cash. Issuance of common stock for cash Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. 2. 3. Toythank and Media Prepare the stockholders' equity section of the balance sheet at December 31, 2022. SHEFFIELD CORP. Partial Balance Sheet $ $