Problem 13-3A The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $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 of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $375,000 ,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 nd the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are y indented when amount is entered. Do not indent manually.)