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, $15 par value, 98,800 shares authorized Preferred stock, $42 par value, 8 percent, 60,900 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,300 shares of common stock at $30 cash per share. b. Sold 21,800 shares of preferred stock at $61 cash per share. c. Repurchased 4,800 shares of common stock for $15 cash per share. Required: Net income for the year was $90,500; cash dividends declared and paid at year-end were $30,400. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. Stockholders' equity: Contributed capital: QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31 < Prev 1 of 5 Next >