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p13-3a P13-3A The stockholders' equity accounts of Castle Corporation on January 1. 2017 s 400,00 Common Stock ($1 stated value, 2,000,000 shares authorized),000,000 uree and
p13-3a
P13-3A The stockholders' equity accounts of Castle Corporation on January 1. 2017 s 400,00 Common Stock ($1 stated value, 2,000,000 shares authorized),000,000 uree and post mansactions, wnd yrepae as follows (LO 1, 2, 3.4) GLS Preferred Stock(8%, $50 par. 10.000 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) 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 Issued 25,000 shares of common stock for $120,000. Apr 14 Sold 6,000 shares of treasury stock-common for $33,000. Sept. 3 ssued 5,000 shares of common stock for a patent valued at $35,000 Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of So,000 Dec. 31 Determined that net income for the year was $452,000. No dividends were declared during the year Instructions (a) Journalize the transactions and the closing entry for net incom (b) Enter the beginning balances in the accounts, and post the journal entries to the stock- holders' equity accounts. (Use J5 for the posting reference.) o total stockhalders' equity (c) Prepare a stockholders' equity section at December 31,2017
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