Problem 11-3A The stockholders equity accounts of Castle Corporation on January 1, 2019, were as f llows. Preferred stock (896, $50 par, cumulative, 10,000 shares authorized) Common Stock ($1 stated value, 2.000,000 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 (10,000 common shares) s 400,000 1,000,000 100,000 1,450,000 1,816,000 50,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 25,000 shares of common stock for $120,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $33,000 Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $452,000. No dividends were declared during the year. Your answer is partially correct. Try again Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. 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.)