The stockholders equity accounts of Castle Corporation on January 1, 2017,were as follows 400,000 1,200,000 135,000 Preferred Stock (8%, $50 par, 11,000 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 (11,000 common shares) 1,850,000 55,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 24,000 shares of common stock for $116,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32.900. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,700 Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,700 Dec. 31 Determined that net income for the year was $415,000 No dividends were declared during the year Journalize the transactions and the dosing 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.)