The stockholders’ equity accounts of Castle Corporation on January 1, 2015, were as follows.Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized)$400,000Common Stock ($1 stated value, 2,000,000 shares authorized)1,000,000Paid-in Capital in Excess of Par—Preferred Stock100,000Paid-in Capital in Excess of Stated Value—Common Stock1,450,000Retained Earnings1,816,000Treasury Stock (10,000 common shares)50,000During 2015, the corporation had the following transactions and events pertaining to its stockholders’ equity.Feb. 1Issued 25,000 shares of common stock for $120,000.Apr. 14Sold 6,000 shares of treasury stock—common for $33,000.Sept. 3Issued 5,000 shares of common stock for a patent valued at $35,000.Nov. 10Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.Dec. 31Determined that net income for the year was $452,000.No dividends were declared during the year
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