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, $14 par value, 21,700 shares authorized Common stock: $12 par value, 50,100 shares authorized During the year, the following transactions occurred in the order given: a. Sold 39,300 shares of the common stock for $16 per share. b. Sold 5,900 shares of the preferred stock for $20 per share. c. Sold 4,500 shares of the common stock for $19 per share and 2,800 shares of the preferred stock for $30 per share. d. Net income for the year was $52,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Stockholders' equity: Contributed capital: WITT CORPORATION Balance Sheet (Partial) At December 31, This Year. 9 d. Net income for the year was $52,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. WITT CORPORATION Balance Sheet (Partial) 09:26 Stockholders' equity: Contributed capital: At December 31, This Year ces Total contributed capital Total stockholders' equity