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, $13 par value, 21,600 shares authorized Common stock: $11 par value, 50,700 shares authorized During the year, the following transactions occurred in the order given: a. Sold 38,800 shares of the common stock for $15 per share. b. Sold 6,000 shares of the preferred stock for $19 per share. c. Sold 3,900 shares of the common stock for $18 per share and 1,800 shares of the preferred stock for $29 per share. d. Net income for the year was $59,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year.