Problem 11-3A The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $48 par, cumulative, 11,000 shares authorized) 360,000 1,300,000 Common Stock ($1 stated value, 2,100,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock 150,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (10,500 common shares) 52,500 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 $118,000 Apr. 14 Sold 5,500 shares of treasury stock-common for $33,800. Sept. 3 Issued 4,900 shares of common stock for a patent valued at $35,100. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $475,000. No dividends were declared during the year