Problem 13 3A The stockholders equity accounts of Castle Corporation on January 1, 2017, were as follows Preferred Stock (8 , $48par,10,000shares authorized) $384,000 Common Stock ($1stated value,2,050,000shares authorized) 1,500,000 Paid in Capital in Excess of ParPreferred Stock 140,000 Paid in Capital in Excess of Stated ValueCommon Stock 1,450,000 Retained Earnings 1,750,000 Treasury Stock (10,500common shares) 52,500 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity Feb 1 Issued25,000shares of common stock for $124,000 Apr 14 Sold6,000shares of treasury stockcommon for $33,700 Sept 3 Issued4,900shares of common stock for a patent valued at $35,100 Nov 10 Purchased1,100shares 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 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 ) Date Account Titles and Explanation Debit Credit Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts (Use J5 for the posting reference )(Post entries in the order of journal entries presented in the previous part ) Preferred Stock Date Explanation Ref Debit Credit Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Balance Common Stock Date Explanation Ref Debit Credit Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 J5 Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 J5 Paid in Capital in Excess of ParPreferred Stock Date Explanation Ref Debit Credit Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Balance Paid in Capital in Excess of Stated ValueCommon Stock Date Explanation Ref Debit Credit Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 J5 Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 J5 Paid in Capital from Treasury Stock Date Explanation Ref Debit Credit Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 J5 Retained Earnings Date Explanation Ref Debit Credit Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 J5 Treasury Stock Date Explanation Ref Debit Credit Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Balance Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 J5 Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 J5 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a stockholders equity section at December 31, 2017 (Enter the account name only and do not provide the descriptive information provided in the question ) CASTLE CORPORATION Balance Sheet (Partial) For the Quarter Ended December 31, 2017December 31, 2017For the Year Ended December 31, 2017 Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Paid in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Paid in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Paid in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity $ Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Paid in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Paid in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity $ Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Paid in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Paid in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Paid in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity AddLess Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesNet Income (Loss)Paid in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity $

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Problem 13-3A The stockholders equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $48par,10,000shares authorized) $384,000 Common Stock ($1stated

Problem 13-3A The stockholders equity accounts of Castle Corporation on January 1, 2017, were as follows.

Preferred Stock (8%, $48par,10,000shares authorized)	$384,000
Common Stock ($1stated value,2,050,000shares authorized)	1,500,000
Paid-in Capital in Excess of ParPreferred Stock	140,000
Paid-in Capital in Excess of Stated ValueCommon Stock	1,450,000
Retained Earnings	1,750,000
Treasury Stock (10,500common shares)	52,500

During 2017, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1	Issued25,000shares of common stock for $124,000.
Apr.	14	Sold6,000shares of treasury stockcommon for $33,700.
Sept.	3	Issued4,900shares of common stock for a patent valued at $35,100.
Nov.	10	Purchased1,100shares 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.

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.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31


Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31


Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31


Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31

Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31

SHOW LIST OF ACCOUNTS

LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT

Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts. (Use J5 for the posting reference.)(Post entries in the order of journal entries presented in the previous part.)

Preferred Stock
Date	Explanation	Ref.	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Common Stock
Date	Explanation	Ref.	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Paid-in Capital in Excess of ParPreferred Stock
Date	Explanation	Ref.	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Paid-in Capital in Excess of Stated ValueCommon Stock
Date	Explanation	Ref.	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Paid-in Capital from Treasury Stock
Date	Explanation	Ref.	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Retained Earnings
Date	Explanation	Ref.	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Treasury Stock
Date	Explanation	Ref.	Debit	Credit	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Balance
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5
Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	J5

SHOW LIST OF ACCOUNTS

LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT

Prepare a stockholders equity section at December 31, 2017.(Enter the account name only and do not provide the descriptive information provided in the question.)

CASTLE CORPORATION Balance Sheet (Partial) For the Quarter Ended December 31, 2017December 31, 2017For the Year Ended December 31, 2017
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
	$

Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
	$


Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity

Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
AddLess:
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Paid-in CapitalProperty, Plant and EquipmentRevenuesStockholders' EquityTotal Additional Paid-in CapitalTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity		$