The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $50 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 share authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) During 2017, the corporation had the following transactions and events pertaining to is stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $120,000. Apr 14 sold 6,000 shares of treasury stock-common for $33,000. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000. Nov 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $452,000. 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 holders' equality accounts. (Use J5 for the posting reference.) Prepare a stockholders' equity section at December 31, 2017. Peck Corporation is authorized to issue 20,000 shares of $50 par value, 10% m