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, 98,300 shares authorized

Preferred stock, $43 par value, 8 percent, 59,400 shares authorized

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

a. Sold 78,100 shares of common stock at $20 cash per share.

b. Sold 21,400 shares of preferred stock at $79 cash per share.

c. Bought 4,400 shares of common stock from a current stockholder for $11 cash per share.

Required: Net income for the year was $91,900; cash dividends declared and paid at year-end were $30,100. 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.)

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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