The stockholders equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) $ 375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in Excess of ParPreferred Stock 140,000 Paid-in Capital in Excess of Stated ValueCommon Stock 1,450,000 Retained Earnings 1,850,000 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 24,500 shares of common stock for $125,000. Apr. 14 Sold 5,600 shares of treasury stockcommon 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. Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts. Preferred Stock Date Explanation Ref. Debit Credit Balance Balance Common Stock Date Explanation Ref. Debit Credit Balance Balance J5 J5 Paid-in Capital in Excess of ParPreferred Stock Date Explanation Ref. Debit Credit Balance Balance Paid-in Capital in Excess of Stated ValueCommon Stock Date Explanation Ref. Debit Credit Balance Balance J5 J5 Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance J5 Retained Earnings Date Explanation Ref. Debit Credit Balance Balance J5 Treasury Stock Date Explanation Ref. Debit Credit Balance Balance J5 J5 Prepare a stockholders equity section at December 31, 2017, including the disclosure of the preferred dividends in arrears. (Enter the account name only and do not provide the descriptive information provided in the question.)