P13-3A The stockholders'equity accounts of Castle Corporation on January 1, 2017 $ 400,000 1,000,000 as follows. Preferred Stock (8%, $50 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) 100,000 1,450,000 1,816,000 50,000 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) 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 Issued 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 $6,000. 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 income. (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.) (c) Prepare a stockholders' equity section at December 31, 2017