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, $13 par value, 22,900 shares authorized Common stock: $11 par value, 50,300 shares authorized During the year, the following transactions occurred in the order given: a. Issued a total of 38,500 shares of the common stock at $15 cash per share. b. Sold 5,800 shares of the preferred stock at $19 cash per share. c. Sold 3,300 shares of the common stock at $18 cash per share and 1,900 shares of the preferred stock at $29 cash 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 31, This year Stockholders' equity. Contributed capital Total contributed capital Total stockholders equity