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Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 21,000 shares authorized Common stock: $8 par value, 50,000 shares authorized During the year, the following transactions occurred in the order given: Issued a total of 40,000 shares of the common stock at $12 cash per share. Sold 5, 500 shares of the preferred stock at $16 cash per share. Sold 3,000 shares of the common stock at $15 cash per share and 1,000 shares of the preferred stock at $26 cash per share. Net income for the year was $96,000. Prepare the stockholders' equity section of the balance sheet at the end of the year