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, $11 par value, 21,900 shares authorized Common stock: $9 par value, 50,200 shares authorized During the year, the following transactions occurred in the order given: a. Issued a total of 38,600 shares of the common stock at $13 cash per share. b. Sold 7,400 shares of the preferred stock at $17 cash per share. c. Sold 3,700 shares of the common stock at $16 cash per share and 2,600 shares of the preferred stock at $27 cash per share. d. Net income for the year was $57,000. 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 S 110,000 380,700 Preferred stock Common stock Additional paid-in capital, preferred stock Additional paid-in capital, common stock Total contributed capital Retained earnings 490,700 Total stockholders' equity S 490,700