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, $18 par value, 98,500 shares authorized Preferred stock, $46 par value, 8 percent, 60,800 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,100 shares of common stock at $36 cash per share. b. Sold 20,600 shares of preferred stock at $72 cash per share. c. Bought 5,400 shares of common stock from a current stockholder for $12 cash per share. Required: Net income for the year was $91,400; 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.) Answer is not complete. QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed Capital: $ Preferred stock 2,796,800 Preferred stock Additional paid-in capital, common Additional paid-in capital, preferred Total contributed capital 2,796,800 Treasury stock Total contributed capital and 2,796,800 retained earnings Total stockholders' equity 12 796 800