The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows.
Preferred Stock (8%, $48 par, cumulative, 10,000 shares authorized) $ 360,000
Common Stock ($1 stated value, 2,000,000 shares authorized) 1,050,000
Paid-in Capital in Excess of Par-Preferred Stock 150,000
Paid-in Capital in Excess of Stated Value-Common Stock 1,500,000
Retained Earnings 1,800,000
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 24,500 shares of common stock for $121,000.
Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100.
Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500.
Nov. 10 Purchased 1,100 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.