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, $19 par value, 98,700 shares authorized Preferred stock. $46 par value, 8 percent, 60,700 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,500 shares of common stock at $38 cash per share. b. Sold 20,100 shares of preferred stock at $70 cash per share. c. Bought 5,900 shares of common stock from a current stockholder for $17 cash per share. Required: Net income for the year was $91,800, cash dividends declared and paid at year-end were $31,400. 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.) 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