E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 117,118 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, $10 par value, 98,400 shares authorized Preferred stock, $40 par value, 8 percent, 59,800 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,900 shares of common stock at $20 cash per share. b. Sold 21,600 shares of preferred stock at $74 cash per share. c. Repurchased 5,600 shares of common stock for $21 cash per share. Required: Net income for the year was $90,100; cash dividends declared and paid at year-end were $30,600. 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. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ QUICK FIX-IT CORPORATION } \\ \hline \multicolumn{2}{|c|}{ Balance Sheet (Partial) } \\ \hline At December 31 & \\ \hline Stockholders' equity: & & \\ \hline Contributed capital: & & \\ \hline Common stock & & \\ \hline Additional paid-in capital, common stock & & \\ \hline Preferred stock & & \\ \hline Additional paid-in capital, preferred stock & & \\ \hline \multicolumn{1}{|c|}{ Total contributed capital } & & \\ \hline Retained earnings & & \\ \hline \end{tabular}