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

Preferred Stock (8%, $48par, cumulative, 10,000shares authorized)	$360,000
Common Stock ($1stated value,2,000,000shares authorized)	1,050,000
Paid-in Capital in Excess of Par?Preferred Stock	150,000
Paid-in Capital in Excess of Stated Value?Common Stock	1,500,000
Retained Earnings	1,800,000
Treasury Stock (10,500common shares)	52,500

During 2017, the corporation had the following transactions and events pertaining to its stockholders? equity.

Feb.	1	Issued24,500shares of common stock for $121,000.
Apr.	14	Sold5,600shares of treasury stock?common for $33,100.
Sept.	3	Issued5,200shares of common stock for a patent valued at $34,500.
Nov.	10	Purchased1,100shares of common stock for the treasury at a cost of $5,800.
Dec.	31	Determined that net income for the year was $485,000.

Journalize the transactions and the closing 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) List Of accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Cash Dividends Common Stock Common Stock Dividends Distributable Cost of Goods Sold Depreciation Expense Dividends Payable Equipment Income Summary Income Tax Expense Income Tax Payable Interest Expense Interest Payable Inventory Land No Entry Operating Expenses Organization Expense Other Operating Expenses Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Stock Professional Fees Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Stock Dividends Supplies Supplies Expense Treasury Stock Unearned Service Revenue