Problem 11-3A (Part Level Submission) The stockholders' equity accounts of Castle Corporation on January 1, 2015, were as follows Preferred Stock (896, $48 par, cumulative, 10,600 shares authorized) Common Stock ($1 stated value, 1,905,000 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 (10,900 common shares) $ 379,200 1,233,300 128,900 1,400,300 1,760,500 43,600 During 2015, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 24,700 shares of common stock for $123,300 Apr. 14 Sold 5,800 shares of treasury stock-common for $33,000 Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,400 Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,800 Dec. 31 Determined that net income for the year was $442,000 No dividends were declared during the year Journalize 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 23