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, $13 par value, 99,100 shares authorized

Preferred stock, $43 par value, 8 percent, 60,200 shares authorized

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

a. Sold 78,900 shares of common stock at $26 cash per share.

b. Sold 20,100 shares of preferred stock at $74 cash per share.

c. Bought 5,100 shares of common stock from a current stockholder for $22 cash per share.

Required:

Net income for the year was $91,500; cash dividends declared and paid at year-end were $31,200. 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: $ 1,025,700 1,025,700 Total contributed capital 2,051,400 Total contributed capital and retained earnings 2,051,400 Total stockholders' equity $ 2,051,400