a. Issued 38,200 shares of the common stock for $15 per share. b. Sold 6,200 shares of the preferred stock for $19 per share. c. Sold 3,100 shares of the common stock for $18 per share and 2,600 shares of the preferred stock for $29 per share. d. Net income for the year was $55,000 Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Stockholders' equity Contributed capital Preferred stock Additional paid-in capital, preferred stock Common stock Additional paid-in capital, common stock 454,300 454,300 Total contributed capital Retained earnings $ 454 300 Total stockholders' equity P11-2 (Algoj Preparing the stocknolders' Equity section or the balance sneet LUT1-1, T1-3, 11-1, 71-8 Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $13 par value, 21,500 shares authorized Common stock: $11 par value, 51,800 shares authorized During the year, the following transactions occurred in the order given: 05 a. Issued 38,200 shares of the common stock for $15 per share. b. Sold 6,200 shares of the preferred stock for $19 per share. c Sold 3,100 shares of the common stock for $18 per share and 2,600 shares of the preferred stock for $29 per share. d. Net income for the year was $55,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year