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, $11 par value, 22,900 shares authorized Common stock: $9 par value, 50,800 shares authorized During the year, the following transactions occurred in the order given: a. Issued 39,100 shares of the common stock for $13 per share. . Sold 6,200 shares of the preferred stock for $17 per share. c. Sold 4,400 shares of the common stock for $16 per share and 1,100 shares of the preferred stock for $27 per share. d. Net income for the year was $55,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Stockholders' equity: Contributed capital: Total contributed capital Total stockholders' equity