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P11-36 The equity accounts of Marya Corporation on January 1, 2014, were as follows. Share Capital-Preference (9%, $100 par, cumulative, 5,000 shares authorized) $300,000 Share Capital-Ordinary ($3 stated value, 300,000 shares authorized) 660,000 Share Premium-Preference 20,000 Share Premium-Ordinary 396,000 Retained Earnings 488,000 Treasury Shares-Ordinary (5,000 shares) 30,000 During 2014, the corporation had the following transactions and events pertaining to its equity Feb. 1 Issued 3,000 ordinary shares for $19,500. Mar. 20 Purchased 1,500 additional treasury shares (ordinary) at $6 per share. June 14 Sold 4,000 treasury shares (ordinary) for $26,000. Sept. 3 Issued 2,000 ordinary shares for a patent valued at $14,000. Dec. 31 Determined that net income for the year was $350,000 No dividends were declared during the year. Instructions (a) Journalize the transactions and the closing entry for net income. (b) Enter the beginning balances in the accounts and post the journal entries to the equity accounts. (Use J1 as the posting reference.) (c) Prepare an equity section at December 31, 2014, including the disclosure of the preference dividends in arrears