Reference no: EM132115606

Question - The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows.

Preferred Stock (8%, $48 par, 10,000 shares authorized)	$384,000
Common Stock ($1 stated value, 2,050,000 shares authorized)	1,500,000
Paid-in Capital in Excess of Par-Preferred Stock	140,000
Paid-in Capital in Excess of Stated Value-Common Stock	1,450,000
Retained Earnings	1,750,000
Treasury Stock (10,500 common shares)	52,500

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

Feb. 1 Issued 25,000 shares of common stock for $124,000.

Apr. 14 Sold 6,000 shares of treasury stock-common for $33,700.

Sept. 3 Issued 4,900 shares of common stock for a patent valued at $35,100.

Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,700.

Dec. 31 Determined that net income for the year was $420,000.

Journalize the transactions and the closing entry for net income.