The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows.

(c) Total stockholders' equity $5,350,000

Journalize and post stock transactions, and prepare stockholders' equity section.

(LO 1, 2, 4)

No dividends were declared during the year.

Instructions

(a) Journalize the transactions and the closing entry for net income.

(b) Enter the beginning balances in the accounts, and post the journal entries to the stock-

holders' equity accounts. (Use J5 for the posting reference.) (c) Prepare stockholders' equity section at December 31, 2017.