Problem 11-3A The stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows....

Problem 11-3A The stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows.

Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) $ 425,000 Common Stock ($1 stated value, 1,950,000 shares authorized) 1,150,000 Paid-in Capital in Excess of Par—Preferred Stock 105,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (10,500 common shares) 42,000 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 $116,000. Apr. 14 Sold 5,800 shares of treasury stock—common for $33,900. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,900. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $450,000. No dividends were declared during the year.

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