Quick Fix It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock, $10 par value, 98,000 shares authorized Preferred stock, $50 par value, 8 percent, 59,000 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,000 shares of common stock at $20 cash per share. b. Sold 20,000 shares of preferred stock at $80 cash per share. c. Bought 4,000 shares of common stock from a current stockholder for $20 cash per share. Required: Net income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Required: Net income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indic minus sign.) QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This Year Stockholders' equity: Contributed capital: Total contributed capital Total contributed capital and retained earnings Total stockholders' equity