can you show the steps thank you

P11-2 (Algo) Preparing the Stockholders' Equity Section of the Balance Sheet L011-1, 11-3, 11-7, 11-8 Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent. $10 par value, 22,900 shares authorized Common stock: $8 par value, 50,800 shares authorized During the year, the following transactions occurred in the order given: 1. Issued 38,400 shares of the common stock for $12 per share. 2. Sold 7.000 shares of the preferred stock for $16 per share. C. Sold 4,000 shares of the common stock for $15 per share and 1,900 shares of the preferred stock for $26 per share. 1 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: $ Common stock 344,000 Additional paid in capital, common stock 181,000 Preferred stock 65,000 Additional paid in capital, preferred 49,000 stock Retained earnings Total contributed capital Retained earnings 639,000 89,500 Total stockholders' equity S 728,500