P11-2 Preparing the Stockholders Equity Section of the Balance Sheet LO11-1, 11-3, 11-7 Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $12 par value, 22,000 shares authorized Common stock: $10 par value, 50,500 shares authorized During the year, the following transactions occurred in the order given: a. Issued a total of 38,800 shares of the common stock at $14 cash per share. b. Sold 6,300 shares of the preferred stock at $18 cash per share. C. Sold 3,500 shares of the common stock at $17 cash per share and 1,800 shares of the preferred stock at $28 cash per share. d. Net income for the year was $52,000. 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