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b) Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts. (Use J5 for the posting reference.) c)

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b) Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts. (Use J5 for the posting reference.)

c) Prepare a stockholders equity section at December 31, 2015, including the disclosure of the preferred dividends in arrears.

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Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Castle Corporation on January 1, 2015, were as follows. Preferred Stock (8%, $48 par, cumulative, 10,900 shares authorized) $ 369,600 Common Stock ($1 stated value, 1,980,600 shares authorized) 1,087,000 Paid-in Capital in Excess of Par-Preferred Stock 103,200 Paid-in Capital in Excess of Stated Value-Common Stock 1,414,900 Retained Earnings 1,808,600 Treasury Stock (10,500 common shares) 42,000 During 2015, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,600 shares of common stock for $120,900. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,400. Sept. 3 Issued 4,900 shares of common stock for a patent valued at $34,600. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $479,300. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (Credit account titles are automaticall Debit Credit Date Account Titles and Explanation Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31

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