P11-2 (Algo) Preparing the Stockholders' Equity Section of the Balance Sheet LO11-1, 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, $10 par value, 21,400 shares authorized Common stock: $8 par value, 51,300 shares authorized During the year, the following transactions occurred in the order given: a. Sold 38,200 shares of the common stock for $12 per share. b. Sold 6,900 shares of the preferred stock for $16 per share. c. Sold 3,600 shares of the common stock for $15 per share and 2,500 shares of the preferred stock for $26 per share. d. Net income for the year was $61,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year