1 E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 166 points Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock, $18 par value, 98,900 shares authorized Preferred stock, $43 par value. 8 percent, 60.900 shares authorized eBook Hint During January and February of this year, the following stock transactions were completed: Print References a. Sold 79,500 shares of common stock at $36 cash per share. b. Sold 21,300 shares of preferred stock at $71 cash per share. c. Bought 4,300 shares of common stock from a current stockholder for $19 cash per share. Required: Net income for the year was $91,000; cash dividends declared and paid at year-end were $30,900. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity Contributed capital Total contributed capital Total contributed capital and retained earnings Total stockholders' equity