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Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 22,600 shares authorized Common stock: $8 par value, 50,600 shares authorized During the year, the following transactions occurred in the order given: a. Issued 39,600 shares of the common stock for $12 per share. b. Sold 6,300 shares of the preferred stock for $16 per share. c. Sold 3,700 shares of the common stock for $15 per share and 1,300 shares of the preferred stock for $26 per share d. Net income for the year was $65,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year