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, $14 par value, 99,100 shares authorized

Preferred stock, $46 par value, 8 percent, 59,300 shares authorized

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

a. Sold 78,900 shares of common stock at $28 cash per share.

b. Sold 20,000 shares of preferred stock at $79 cash per share.

c. Bought 5,100 shares of common stock from a current stockholder for $16 cash per share.

Net income for the year was $90,400; cash dividends declared and paid at year-end were $31,200.

Question:

Prepare the stockholders' equity section of the balance sheet at the end of the year.