Weygandt, Accounting Principles, 12e CES Problem 13-3A (Part Level Submission) The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (896, $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 Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $ 416,000 1,300,000 120,000 1,450,000 1,800,000 52,500 During 2017, 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. tudy |No dividends were declared during the year. Your answer is partially correct. Try again