My question is The stockholders equity accounts of Castle Corporation on January 1, 2017, were as follows Preferred Stock (8 , $48par,10,000shares authorized) $384,000 Common Stock ($1stated value,2,050,000shares authorized) 1,500,000 Paid in Capital in Excess of ParPreferred Stock 140,000 Paid in Capital in Excess of Stated ValueCommon Stock 1,450,000 Retained Earnings 1,750,000 Treasury Stock (10,500common shares) 52,500 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity Feb 1 Issued25,000shares of common stock for $124,000 Apr 14 Sold6,000shares of treasury stockcommon for $33,700 Sept 3 Issued4,900shares of common stock for a patent valued at $35,100 Nov 10 Purchased1,100shares of common stock for the treasury at a cost of $5,700 Dec 31 Determined that net income for the year was $420,000 No dividends were declared during the year Journalize the transactions and the closing entry for net income (Record journal entries in the order presented in the problem Credit account titles are automatically indented when amount is entered Do not indent manually )

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My question is The stockholders equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $48par,10,000shares authorized) $384,000 Common Stock

My question is

The stockholders equity accounts of Castle Corporation on January 1, 2017, were as follows.

Preferred Stock (8%, $48par,10,000shares authorized)	$384,000
Common Stock ($1stated value,2,050,000shares authorized)	1,500,000
Paid-in Capital in Excess of ParPreferred Stock	140,000
Paid-in Capital in Excess of Stated ValueCommon Stock	1,450,000
Retained Earnings	1,750,000
Treasury Stock (10,500common shares)	52,500

During 2017, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1	Issued25,000shares of common stock for $124,000.
Apr.	14	Sold6,000shares of treasury stockcommon for $33,700.
Sept.	3	Issued4,900shares of common stock for a patent valued at $35,100.
Nov.	10	Purchased1,100shares of common stock for the treasury at a cost of $5,700.
Dec.	31	Determined that net income for the year was $420,000.

No dividends were declared during the year.

Journalize the transactions and the closing entry for net income.(Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)