PRINTER VERSION CES Problem 13-3A (Part Level Submission) The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $52 par, 11,000 shares authorized) Common Stock ($1 stated value, 1,950,000 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 (10,000 common shares) $ 442,000 1,100,000 100,000 1,450,000 1,750,000 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. ndy Feb. 1 Issued 26,000 shares of common stock for $119,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,000. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $34,300. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $435,000. No dividends were declared during the year. 7l Your PRINTER VERSION BACK Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amounts entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 1 v Cash 119,000 Common Stock 26,000 Paid-in Capital in Excess of Stated Value-Commor 93,000 Apr. 14 Cash 32,000 Treasury Stock 28,000 Paid-in Capital from Treasury Stock 4,000 Sept. 3 Patents 34,300 Common Stock 4,700 Paid-in Capital in Excess of Stated Value-Commor 29,600 No. 10 Treasury Stock 5,900 Cach 5,900 Dec 31 Income Summary 435,000 Retained Earnings 435.000