The stockholders equity accounts of Castle Corporation on January 1 2015 were as follows.Preferred Stock (8% $50 par cumulative 10000 shares authorized)$400000Common Stock ($1 stated value 2000000 shares authorized)1000000Paid-in Capital in Excess of ParPreferred Stock100000Paid-in Capital in Excess of Stated ValueCommon Stock1450000Retained Earnings1816000Treasury Stock (10000 common shares)50000During 2015 the corporation had the following transactions and events pertaining to its stockholders equity.Feb. 1Issued 25000 shares of common stock for $120000.Apr. 14Sold 6000 shares of treasury stockcommon for $33000.Sept. 3Issued 5000 shares of common stock for a patent valued at $35000.Nov. 10Purchased 1000 shares of common stock for the treasury at a cost of $6000.Dec. 31Determined that net income for the year was $452000.No dividends were declared during the year
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