The stockholders equity accounts of Castle Corporation on January 1, 2020, were as follows.

Preferred Stock (8%, $100 par, 11,000 shares authorized)

Common Stock ($1 par value, 1,950,000 shares authorized)

Paid-in Capital in Excess of ParPreferred Stock

Paid-in Capital in Excess of Par ValueCommon Stock

Retained Earnings

Treasury Stock (10,000 common shares)

$ 500,000

1,250,000

100,000

1,400,000

1,800,000

50,000

During 2020, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb. 1 Apr. 14 Sept. 3 Nov.10 Dec. 31

No dividends were declared during the year

(1) Journalize the transactions and the closing entry for net income. (2) Enter the beginning balances in the accounts, and post the journal entries to the

stockholders equity accounts. (Use J5 for the posting reference. (3) Prepare a stockholders equity section at December 31, 2020