6. 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) At December 31, This year Stockholders' equity Contributed Capital Common stock $ 1,351,500 Preferred stock 984.900 Additional paid in capital, preferred Additional paid in capital, common Total contributed capital Retained earnings 2.336.400 60,200 2.396,600 Total contributed capital and retained earings Treasury stock (84 800) Total stockholders' equity $ 2.311.800