Common Stock Issuance, Treasury Stock, Preferred Stock, Dividends, Comprehensive Income, Disclosure. Castleline, Inc. reported the following shareholders equity section as of the beginning of the current year:

Stockholder's Equity

Contributed Capital:
Common Stock, $1 Par Value, 3,850,000 shares authorized, 905,000 shares issued, and 821,500 shares outstanding	$905,000
Additional Paid-in Capital in Excess of Par- Common	22,625,000
Total Contributed Capital:	$23,530,000
Retained Earnings:	$8,957,450
Accumulated Other Comprehensive Income	1,057,600
Less: Treasury Stock (83,500 common stock shares at cost)	(1,670,000)
Total Stockholders Equity:	$31,875,050

During the current year, Castleline engaged in the following transactions affecting the stockholders equity section of its current balance sheet.

Issued 400,000 shares of its $1 par value common stock at $31 per share. The underwriter charged a 3% fee for issuing the shares. The stock issue costs are not capitalized.

Issued 500,000 shares of $10 par value 6% preferred stock (2,550,000 authorized) at $40 per share. These shares were privately placed and Castleline did not pay stock issue costs.

Purchased 220,000 shares of common stock at $32 per share.

Declared a $450,000 dividend for the first half of the year. (The declarations should be recorded separately for the common and the preferred shares.)

Sold 105,000 of the treasury shares at $44 per share. (The 83,500 treasury shares on hand at the beginning of the year are considered sold first. The company paid $20 per share for these shares of treasury stock).

Paid the cash dividends.

Reported net income of $3,180,500 for the current year.

In addition to the net income, Castleline incurred an $801,000 unrealized loss on an available-for-sale investment.

Declared a $450,000 cash dividend for the second half of the year. (The declarations should be recorded separately for the common and the preferred shares.)

Closed out all dividends and other comprehensive income accounts.

Required

Prepare all journal entries required to record the transactions listed above.