The stockholders' equity accounts of Castle Corporation on January 1, 2014, were as follows Jot OP Preferred Stock (8%, exist50 par, cumulative, 10,000 shares authorized) exist 400,000 Common Stock (exist1 stated value, 2,000,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Preferred Stock 100,000 Paid-in Capital in Excess of Stated Value-Common Stock 1, 450,000 Retained Earnings 1, 816,000 Treasury Stock (10,000 common shares) 50,000 During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity Feb.1 Issued 25,000 shares of common stock for exist120,000 Apr 14 Sold 6,000 shares of treasury stock-common for exist33,000 Sept. 3 Issued 5,000 shares of common stock for a patent valued at exist35,000 Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of exist6,000 Dec. 31 Determined that net income for the year was exist452,000 No dividends were declared during the year Instructions Journalize the transactions and the closing entry for net income Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) Prepare a stockholders' equity section at December 31, 2014, including the disclosure of the preferred dividends in arrears