Problem 13-3A The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (896, $50 par, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess o Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) 375,000 1,250,000 140,000 1,450,000 1,850,000 55,000 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 $125,000 Apr. 14 Sold 5,600 shares of treasury stock-common for $32,200 Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35,000 Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100 Dec. 31 Determined that net income for the year was $420,000 No dividends were declared during the year