The stockholders' equity accounts of Marigold Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $52 par, 11,000 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock $ 416,000 1,300,000 120,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,800,000 Treasury Stock (10,500 common shares) 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,500 shares of common stock for $118,000. Apr. 14 Sold 5,800 shares of treasury stock-common for $33,000. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,100. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,800. Dec. 31 Determined that net income for the year was $485,000. No dividends were declared during the year. Your answer is correct. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Feb. 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Apr. 14 Cash Treasury Stock Paid-in Capital from Treasury Stock Sept. 3 Patents Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Nov. 10 Treasury Stock Cash Dec. 31 Income Summary Retained Earnings Debit 118000 33000 35100 5800 485000 Credit 25500 92500 29000 4000 5000 30100 5800 485000 (b) Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting reference.) (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Debit Credit Balance Balance Common Stock Date Explanation Ref. Debit Credit Balance Balance J5 35 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Balance Debit Credit Balance Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Balance J5 J5 Paid-in Capital from Treasury Stock Date Debit Credit Balance Explanation Ref. Debit Credit Balance J5 Retained Earnings Date Explanation Ref. Debit Credit Balance Balance J5 Treasury Stock Date Explanation Ref. Debit Credit Balance Balance J5 J5 Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) : MARIGOLD CORPORATION Balance Sheet (Partial) $ $