*Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Castle Corporation on January 1, 2015, were as follows. Preferred Stock (8%, S52 par, cumulative, 10,800 shares authorized) Common Stock (S1 stated value, 1,993,100 shares autnorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $ 395,200 1,192,300 109,900 1,426,900 1,828,200 55,000 During 2015, the corparation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,500 shares of common stock for $118,300. Apr. 14 Sold 6,000 shares of treasury stock-common for s33,000 Sept. 3 Issued 5,100 shares of common stock for a patent valued at S35,500 Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,200 Dec. 31 Determined that net income for the year was $414,300. No dividends were declared during the year Your answer is correct. Joumalize the transactions and the closing entry for net income. (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 Account Titles and Explanation DebitCredit 118300 23309 30000 id-in Capital in Excess of Stated Value Common S 28 ommon St 550 Apr. 14as Treasury Stoc id-in Capital from Treasury Stack Sept. 3 ate id-in Capital in Excess of Stated Value Common S ommon St Nav. 1 reasury Stoc "62001 Dec. 31Tncome Summa etained Earnin 1430 Your answer is correct. Enter the beginning balances in the accounts, and post the ournal entries to the stockholders' equity accounts. Use J5 for the posting reference Past entries in the order ofjournal entries presented in the previous part ) Preferred Stock Date Explanation Ref Deblt Credit Balance Dan. Balance V% 952001 Common Stock Date Explanation Ref Debit Credit Balance V102300 1 Balance Feb. s 255001 112178001 15 100 T 222900 ept Pald-In Capltal In Excess of Stock Date Explanation Ref Debit Credit Balance an. 1) Balance Date Explanatlon Ref Deblt Credit Balance 09900 Paid-in Capital in Excess of Stated Value Common Stock Balance 42690 828001519700 04ool 550100! eb. 1 #0 ept Paid-in Capital from Treasury Stock Date Explanation Ref Debit Credit Balance Retained Earnings Date Explanation Ref Debit Credit Balance Balance 1828200 n. 1 1430 ec. 31 24250 Treasury Stock Date Explanation Ref Debit Credit Balance Balance VOD 500 2001 1200 JS Attempts: 3 of 5 used 1 Balance 200001 125000 i5 ov. 1 Attempts: 3 of 5 used Prepare a stockholders'equity soction at December 31, 2015, 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) December 31, 2015 Attempts: 0 of 5 used