Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Castle Corporation on January 1, 2015, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,100 shares authorized) 390,000 Common Stock ($1 stated value, 1,928,600 shares authorized) 1,282,100 Paid-in Capital in Excess of Par-Preferred Stock 142,600 Paid-in Capital in Excess of Stated Value-Common Stock 1,457,500 Retained Earnings 1,787,400 Treasury Stock (10,800 common shares) 54,000 During 2015, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,900 shares of common stock for $122,000. 14 Sold 5,700 shares of treasury stock-common for $33,400. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $35,500. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900 Dec. 31 Determined that net income for the year was $426,300. Apr No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (Credit account titles are auto amounts.) Account Titles and Explanation Debit Credit Date Feb. 1 Apr. 14 Sept. 3 Nov. 10 Dec. 31 Part B - Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) Preferred Stock Credit Balance Explanation Ref. Debit Date Balance Common Stock Explanation Ref. Debit Credit Balance Date Balance J5 J5 Paid-in Capital in Excess of Par-Preferred Stock Explanation Ref. Credit Debit Balance Date Balance Paid-in Capital in Excess of Stated Value-Common Stock Explanation Ref. Debit Credit Balance Date Balance J5 J5 Paid-in Capital from Treasury Stock Explanation Ref. Debit Credit Balance Date 15 Retained Earnings Explanation Ref. Debit Balance Date Credit Balance J5 Treasury Stock Explanation Ref. Debit Credit Balance Date Balance J5 J5 Part C - Prepare a stockholders' equity section at December 31, 2017. CASTLE CORPORATION Balance Sheet (Partial)