Problem 11-3A The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $48 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 (10,500 common shares) 360,000 1,050,000 150,000 1,500,000 1,800,000 52,500 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 24,500 shares of common stock for $121,000. Apr. 14 Sold 5,600 shares of treasury stock- common for $33,100. ept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500. Purchased 1,100 shares of common stock for the treasury at a cost of $5,800. 31 Determined that net income for the year was $485,000. Dec. No dividends were declared during the year journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Debit Credit Balance Explanation Ref. Balance V Date Common Stock Date Debit Credit Balance Explanation Ref. Balance 15 15 stock pebilt Paid-in Capital in Excess of Par-Preferred Credit Balance Date Balance Paid-in Capital in Excess of Stated Value-Common Credit Date Explanation Ref. Balance Paid-in Capital Date from Treasury Stock Explanation Ref. Debit Credit 25 Explanation Ref. Debit Credit Balance 5 Debit Balance 35