The stockholders equity accounts of Tamarisk, Inc. on January 1, 2019, were as follows.

Preferred Stock (8%, $52 par, cumulative, 10,000 shares authorized)		$ 390,000
Common Stock ($1 stated value, 2,000,000 shares authorized)		1,300,000
Paid-in Capital in Excess of ParPreferred Stock		105,000
Paid-in Capital in Excess of Stated ValueCommon Stock		1,500,000
Retained Earnings		1,800,000
Treasury Stock (11,000 common shares)		44,000

During 2019, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1		Issued 24,000 shares of common stock for $124,000.
Apr.	14		Sold 5,500 shares of treasury stockcommon for $33,400.
Sept.	3		Issued 4,900 shares of common stock for a patent valued at $34,000.
Nov.	10		Purchased 1,100 shares of common stock for the treasury at a cost of $6,100.
Dec.	31		Determined that net income for the year was $435,000.

No dividends were declared during the year.

1. Journalize the transactions and the closing entry for net income

2. Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts 3. Prepare a stockholders equity section at December 31, 2019, including the disclosure of the preferred dividends in arrears

Account titles:

Accounts Payable Accounts Receivable Accumulated Depreciation Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive Income Accumulated Other Comprehensive Loss Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Cash Dividends Common Dividends Payable Common Stock Common Stock Dividends Distributable Cost of Goods Sold Depreciation Expense Dividends Dividends Payable Equipment Gain on Sale of Stock Income Summary Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Inventory Land Loss on Disposal of Plant Assets No Entry Notes Payable Operating Expenses Organization Expense Other Operating Expenses Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Dividends Payable Preferred Stock Prepaid Expenses Prepaid Insurance Professional Fees Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Stock Dividends Supplies Supplies Expense Treasury Stock Unearned Service Revenue Utilities Expense