On january 1, 2019, sheffield corp. had the following stockholders' equity accounts. common stock ($12 par value, 81,300 shares issued and outstanding) $975,600 paid-in capital in excess of par value-common stock 188,000 retained earnings 503,000 during the year, the following transactions occurred. jan. 15 declared a $1.00 cash dividend per share to stockholders of record on january 31, payable february 15. feb. 15 paid the dividend declared in january. apr. 15 declared a 10% stock dividend to stockholders of record on april 30, distributable may 15. on april 15, the market price of the stock was $16 per share. may 15 issued the shares for the stock dividend. july 1 announced a 2-for-1 stock split. the market price per share prior to the announcement was $14. (the new par value is $6.) dec. 1 declared a $0.70 per share cash dividend to stockholders of record on december 15, payable january 10, 2020. dec. 31 determined that net income for the year was $220,000.