E$11-9($Algo$)$ Determining the Effects of Transactions on Stockholders' Equity L$011-1,11-3,11-7,11-8$

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, $$15$ par value, $99,200$ shares authorized

Preferred stock, $$42$ par value, $8$ percent, $59,700$ shares authorized

During January and February of this year, the following stock transactions were completed:

a$.$ Sold $79,000$ shares of common stock at $$30$ cash per share.

b$.$ Sold $21,700$ shares of preferred stock at $$66$ cash per share.

c$.$ Repurchased $4,200$ shares of common stock for $$28$ cash per share.

Required:

Net income for the year was $$90,700$; cash dividends declared and paid at year$-$end were $$31,000.$ Prepare the stockholders' equity

section of the balance sheet at the end of the year.

Note: Amounts to be deducted should be indicated with a minus sign.