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

Preferred Stock (8%, $52 par, 11,000 shares authorized)		$ 442,000
Common Stock ($1 stated value, 1,950,000 shares authorized)		1,100,000
Paid-in Capital in Excess of ParPreferred Stock		100,000
Paid-in Capital in Excess of Stated ValueCommon Stock		1,450,000
Retained Earnings		1,750,000
Treasury Stock (10,000 common shares)		40,000

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

Feb.	1		Issued 26,000 shares of common stock for $119,000.
Apr.	14		Sold 5,600 shares of treasury stockcommon for $32,000.
Sept.	3		Issued 4,700 shares of common stock for a patent valued at $34,300.
Nov.	10		Purchased 1,000 shares of common stock for the treasury at a cost of $5,900.
Dec.	31		Determined that net income for the year was $435,000.

No dividends were declared during the year.

Part A -- Journalize the transactions and the closing entry for net income.

Part B -- Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts. (Use J5 for the posting reference.)

Part C -- Prepare a stockholders equity section at December 31, 2017.