Problem 11-3A The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. I Preferred Stock (896, $48 par, cumulative, 10,000 shares authorized) Common Stock ($1 stated value, 2,050,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value- Common Stock Retained Earnings 384,000 1,500,000 140,000 1,450,000 1,750,000 52,500 Treasury Stock (10,500 common shares) During 2017, the corporation had the following transactions and events pertaining to its stockholders' equit Feb. 1 Issued 25,000 shares of common stock for $124,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $33,700. Sept. 3 Issued 4,900 shares of common stock for a patent valued at $35,100. 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