AB 116 WEEK 7 PROBLEM 13-3A

AB 116 WEEK 7 Problem 13 3A
The stockholders’ equity accounts of Castle Corporation on January 1 2014 were as follows.
Preferred Stock (8%, $50 par, cumulative, 10,200 shares authorized)		$  400,000
Common Stock ($1 stated value, 2,041,700 shares authorized)		1,293,700
Paid-in Capital in Excess of Par—Preferred Stock		111,700
Paid-in Capital in Excess of Stated Value—Common Stock		1,414,300
Retained Earnings		1,760,600
Treasury Stock (10,900 common shares)		43,600

During 2014, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb.	1		Issued 26,000 shares of common stock for $120,600.
Apr.	14		Sold 5,900 shares of treasury stock—common for $33,500.
Sept.	3		Issued 4,800 shares of common stock for a patent valued at $35,500.
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 $464,600.

No dividends were declared during the year.
Journalize the transactions and the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Enter the beginning balances in the accounts, and post the journal entries to the stockholders’ equity accounts. (Use J5 for the posting reference.) (Post entries in the order of journal entries presented in the previous part.)
Prepare a stockholders’ equity section at December 31, 2014, including the disclosure of the preferred dividends in arrears. (Enter the account name only and do not provide the descriptive information provided in the question