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, $11 par value, 98,500 shares authorized

Preferred stock, $41 par value, 8 percent, 60,700 shares authorized

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

a. Sold 78,700 shares of common stock at $22 cash per share.

b. Sold 21,900 shares of preferred stock at $68 cash per share.

c. Bought 5,800 shares of common stock from a current stockholder for $14 cash per share.

Required:

Net income for the year was $91,400; cash dividends declared and paid at year-end were $30,800. 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.)

E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 Quick Fix-lt 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, $11 par value, 98,500 shares authorized Preferred stock, $41 par value, 8 percent, 60,700 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,700 shares of common stock at $22 cash per share. b. Sold 21,900 shares of preferred stock at $68 cash per share. c. Bought 5,800 shares of common stock from a current stockholder for $14 cash per share. Required: Net income for the year was $91,400; cash dividends declared and paid at year-end were $30,800. 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.)