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, 22,600 shares authorized Common stock: $12 par value, 50,300 shares authorized During the year, the following transactions occurred in the order given: a. Issued 39,900 shares of the common stock for $16 per share. b. Sold 7,100 shares of the preferred stock for $20 per share. c. Sold 4,300 shares of the common stock for $19 per share and 1,200 shares of the preferred stock for $30 per share. d. Net income for the year was $63,000. 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