Please see attached accounting question. The numbers are the major importance.
The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $48 par, cumulative, 10,000 shares authorized) $ 384,000 Common Stock ($1 stated value, 2,100,000 shares authorized) 1,250,000 Paid-in Capital in Excess of ParPreferred Stock 150,000 Paid-in Capital in Excess of Stated ValueCommon Stock 1,400,000 Retained Earnings 1,750,000 Treasury Stock (11,000 common shares) 44,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,000 shares of common stock for $117,000. Apr. 14 Sold 6,000 shares of treasury stockcommon for $33,700. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,100 shares 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. If no entry is required, select "No Entry\" for the account titles and enter 0 for the amounts.) Date Amount Titles and Explanation Debit Credit Common Stock Paid-in Capital in Exce: Treasury Stock Sept. 3 IPatents I I I Paid-in Capital in Exces Nov. 10 Treasury Stock W W || Retained Earnings Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order ofjournal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Balance Debit 'lll Credit Balance | Date Explanation Ref. Balance Debit V|:|: J5ll Credit 9 a a 8 E 9 Balance :I | J5| Date Explanation Ref. Balance Paid-in Capital in Excess of ParPreferred Stock Debit 'lll Balance | Date Explanation Ref. Balance Paid-in Capital in Excess of Stated ValuHommon Stock Debit V|:|: Credit Balance :I | Date Date Explanation Ref. Balance Treasury Stock Date Explanation Ref. Balance V|:|: V|:|: Balance :I Retained Earnings Balance :I :| Balance :I :I rum---" _ -I.--I,L..I.J.....I .._..:I... "uni-I :....I...J:.._ a... A:..-I..._...... .5 LI... ..............A .4:..:A.._..J.. :.. ........_.... Ins5.... 5|... ____.._5 -__... Prepare a stockholders' equity section at December 31, 2017, including the disclosure of the preferred dividends in arrears. (Enter the account name only and do not provide the descriptive information provided in the question.) CASTLE CORPORATION Balance Sheet (Partial)
