P$11-2($Algo$)$ Preparing the Stockholders' Equity Section of the Balance Sheet LO$11-1,11-3,11-7,11-8$

Witt Corporation received its charter during January of this year. The charter authorized the following stock:

Preferred stock: $10$ percent, $$14$ par value, $22,200$ shares authorized

Common stock: $$12$ par value, $50,900$ shares authorized

During the year, the following transactions occurred in the order given:

a$.$ Sold $39,700$ shares of the common stock for $$16$ per share.

b$.$ Sold $6,500$ shares of the preferred stock for $$20$ per share.

c$.$ Sold $4,700$ shares of the common stock for $$19$ per share and $2,400$ shares of the preferred stock for $$30$ per share.

d$.$ Net income for the year was $$53,000.$

Required:

Prepare the stockholders' equity section of the balance sheet at the end of the year.

Answer is not complete.