E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 Quick Fix-lt 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, \$16 par value, 98,900 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 78,600 shares of common stock at $32 cash per share. b. Sold 20,100 shares of preferred stock at $79 cash per share. c. Repurchased 5,200 shares of common stock for $26 cash per share. Required: Net income for the year was $91,100; cash dividends declared and paid at year-end were $30,100. 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. E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 Quick Fix-lt 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, \$16 par value, 98,900 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 78,600 shares of common stock at $32 cash per share. b. Sold 20,100 shares of preferred stock at $79 cash per share. c. Repurchased 5,200 shares of common stock for $26 cash per share. Required: Net income for the year was $91,100; cash dividends declared and paid at year-end were $30,100. 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