The stockholders' equity accounts ofConcordCorporation on January 1, 2020, were as follows.

Preferred Stock (8%, $48par,11,000shares authorized)$360,000Common Stock ($1stated value,2,100,000shares authorized)1,300,000Paid-in Capital in Excess of ParPreferred Stock150,000Paid-in Capital in Excess of Stated ValueCommon Stock1,450,000Retained Earnings1,850,000Treasury Stock (10,500common shares)52,500

During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity.

Feb.1 Issued24,000shares of common stock for $118,000.Apr.14 Sold5,500shares of treasury stockcommon for $33,800.Sept.3Issued4,900shares of common stock for a patent valued at $35,100.Nov.10Purchased1,000shares of common stock for the treasury at a cost of $6,100.Dec.31Determined that net income for the year was $475,000.

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. (Use J5 for the posting reference.)

3)Create a stockholders' equity section at December 31, 2020