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.

A: Journalize the transactions and the closing entry for net income.

B: Enter the beginning balances in the accounts, and post the journal entries to the stockholders’ equity accounts.

C: Prepare a stockholders’ equity section at December 31, 2017, including the disclosure of the preferred dividends in arrears.

steering wheels are always situated on the left side of the car.

always drive on the right side of the road.

white lines separate lanes of traffic traveling the same direction.

hashed or broken lines means you may change lanes when it is safe.

solid white lines mean stay in your lane.

yellow lines separate traffic moving in opposing directions.

hashed or broken yellow lines mean you can carefully pass, paying attention to oncoming traffic.

never cross a solid yellow line (or double yellow line).

when turning left at an intersection, pass in front of any cars that are turning left from the opposing direction (do not try to pass behind them).

use the left lane to pass other cars traveling your direction.

do not pass in the right lane unless absolutely necessary.

if you are driving in the far left hand lane and someone would like to pass you, move over to the right lane when it is safe to do so and allow them to pass.

you must always yield to pedestrians.

come to a complete stop whenever you see pedestrians trying to cross the street.

never pass a school bus if it has flashing red lights. wait until the lights have stopped.

be aware of bicyclists. often they share the road with cars and are supposed to also follow general traffic laws.

be particularly careful about driving in cities with bike lanes -- always check before turning that a bike is not coming.

it is mandatory to pull over or stop at an intersection to allow an emergency vehicle to pass you if you see one traveling with lights flashing and/or a siren running.

do not overuse your car horn. horns are used almost exclusively for emergency situations or for when you feel unsafe.

explanation:

answer; balance sheets;