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, $15 par value, 99,800 shares authorized Preferred stock, $46 par value, 8 percent, 60,200 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,900 shares of common stock at $30 cash per share. b. Sold 21,500 shares of preferred stock at $72 cash per share. c. Repurchased 5,300 shares of common stock for $22 cash per share. Required: Net income for the year was $92,000; cash dividends declared and paid at year-end were $31,400. 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. Stockholders' equity: Contributed capital: QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31 Total contributed capital Total stockholders' equity