The stockholders' equity accounts of CastleCorporation on January 1, 2017, were as follows.

Preferred Stock (8%, $50 par, 10,000 shares authorized) $ 400,000

Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000

Paid-in Capital in Excess of ParPreferred Stock 100,000

Paid-in Capital in Excess of Stated ValueCommon Stock 1,450,000 Retained Earnings 1,816,000

Treasury Stock (10,000 common shares) 50,000

During 2017, the corporation had the following transactions and events pertaining to itsstockholders' equity.

Feb. 1 Issued 25,000 shares of common stock for $120,000.

Apr. 14 Sold 6,000 shares of treasury stockcommon 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

(a) Journalize the transactions and the closing entry for net income.

(b) Enter the beginning balances in the accounts, and post the journal entries to the stockholders'

equity accounts. (Use J5 for the posting reference.)

(c) Make a stockholders' equity section at December 31, 2017.