P11-2 Preparing the Stockholders Equity Section of the Balance Sheet L011-1, 11-3, 11-7 Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $14 par value, 22,300 shares authorized Common stock: $12 par value, 50,700 shares authorized During the year, the following transactions occurred in the order given: a. Issued a total of 38,900 shares of the common stock at $16 cash per share. b. Sold 6,700 shares of the preferred stock at $20 cash per share. c. Sold 3,100 shares of the common stock at $19 cash per share and 2,900 shares of the preferred stock at $30 cash per share. d. Net income for the year was $62,000. 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