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View Policies Current Attempt in Progress Sheffield Corporation was incorporated on January 15, 2021. At that time, the company issued 1,000 common shares at $10 each Other activity related to shareholder's equity is outlined below. June 12 issued 38,800 common shares for cash at $14 per share, June 30 Issued 2,500 common shares to a law firm in settlement of their bill for $37,320. (Use Legal Fees Expense) On June 30, the shares had a fair value of $13 each. July 11 Issued 1,600 preferred shares for $44 per share. Each share was convertible into 8 common shares. Issued 6,300 common shares in exchange for land. The common shares were trading at $12 per share on that date. The land's fair value was estimated to be $76,040, Nov. 15 Issued 2.400 preferred shares for $49 per share. Nov. 22 Preferred shareholders converted 430 of the preferred shares into common shares. The fair values of the common and preferred shares on that day were $12.50 and $48 respectively. Oct. 1 Record the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round average per share amount to two decimal places.) Debit Credit Date Account Titles and Explanation June 12 Question 2 of 12

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