E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 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, $20 par value, 99,800 shares authorized Preferred stock, $41 par value, 8 percent, 59,700 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,700 shares of common stock at $40 cash per share. b. Sold 21,600 shares of preferred stock at $79 cash per share. c. Bought 5,100 shares of common stock from a current stockholder for $27 cash per share Required: Net income for the year was $91,800, cash dividends declared and paid at year-end were $30,700. Prepare the stockholders' equity section of the balance sheet at the end of the year (Amounts to be deducted should be indicated with a minus sign.) QUICK FIXAT CORPORATION Balance Sheet (Partial) At December 31. This year Stockholders' equity Contributed capital Common stock Preferred stock Additional paid in capital, preferred stock Additional paid-in capital, common stock $ 0 Total contributed capital Retained earnings $ Total cont ited capital and retained earings Treasury stock Total stockholders' equity $ 0