ers Equity the Stockholders EquitySection of the Balance Sheet LO11-3, 11-7 Section Witt Corporation received its charter during January 2014. The charter authorized the following capital stock Preferred stock: 10 percent, par $10, authorized 21,000 shares Common stock: par $8, authorized 50,000 shares. During 2014, the following transactions occurred in the order given: a. Issued a total of 40,000 shares of the common stock to the four organizers at $12 per share b. Sold 5,500 shares of the preferred stock at $16 per share c. sold 3,000 shares of the common stock at $15 per share and 1,000 shares of the preferred stock at $26. d. Net income for the year was $96,000