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Witt Corporation began business operation at the beginning of January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 22,300 shares authorized Common stock: $8 par value, 51,600 shares authorized During the year, the following transactions occurred in the order given: a. Issued 38,000 shares of the common stock for $12 per share. b. Sold 7,400 shares of the preferred stock for $16 per share. c. Sold 3,000 shares of the common stock for $15 per share and 2,200 shares of the preferred stock for $26 per share. d. Net income for the year was $53,000. 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 $ 328,000 96,000 Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock 173,000 79,600 Total contributed capital 676,600 Retained earnings 53,000 Total stockholders' equity $ 729,600