lders' equity(c) Fip P13-3A The stockholders' equity accounts of Castle Corporation o as follows 2017 ost l prepare ity section. Preferred Stock (896, $50 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $ 400,000 100,000 1,450,000 1,816,000 50,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31 Issued 25,000 shares of common stock for $120,000. Sold 6,000 shares of treasury stock-common for $33,000. Issued 5,000 shares of common stock for a patent valued at $35,000. Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Determined that net income for the year was $452,000. No dividends were declared during the year Instructions la) Journalize the transactions and the closing entry for net income. r the beginning balances in the accounts, and post the journal entries to the s holders' equity accounts. (Use J5 for the posting reference.) (e) Prepare a stockholders' equity section at December 31, 2017 ers' equity ost stock P13-4A Peck Corporation is nu