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, $17 par value, 98,100 shares authorized

Preferred stock, $42 par value, 8 percent, 60,300 shares authorized

During January and February of this year, the following stock transactions were completed:

a. Sold 78,800 shares of common stock at $34 cash per share.

b. Sold 20,800 shares of preferred stock at $62 cash per share.

c. Bought 5,600 shares of common stock from a current stockholder for $24 cash per share.

Required:

Net income for the year was $90,200; cash dividends declared and paid at year-end were $30,000. 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.)