Problem 13-3A The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows Preferred Stock (8%, $50 par 10,000 shares authorized) 425,000 1,450,000 Common Stock ($1 stated value, 2,050,000 shares authorized Paid-in Capital in Excess of Par-Preferred stock 100,000 1,500,000 Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings 1,800,000 Treasury stock (11,000 common shares 55,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $120,000 Apr 14 Sold 5,600 shares of treasury stock-common for $33,400 Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,400. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,200 Dec. 31 Determined that net income for the year was $450,000 No dividends were declared during the year