12.50 points E11-9 Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3. 11.7 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, $17 par value, 98,800 shares authorized Preferred stock, $49 par value, 8 percent, 59,300 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,500 shares of common stock at $34 cash per share. b. Sold 20,100 shares of preferred stock at $69 cash per share. c. Bought 5,300 shares of common stock from a current stockholder for $16 cash per share Required: Net income for the year was $90,700; cash dividends declared and paid at year-end were $30,500. 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 Al December 31. This year Stockholm equity Contributed Capital To cred capital and med ang Hints References & Resources Check my works