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, 98,600 shares authorized Preferred stock, $46 par value, 8 percent, 59,100 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,300 shares of common stock at $30 cash per share. b. Sold 20,500 shares of preferred stock at $73 cash per share. c. Bought 4,900 shares of common stock from a current stockholder for $22 cash per share. Required: Net income for the year was $91,900; cash dividends declared and paid at year-end were $30,200. 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.) QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed capital: Cash Cash $ 2,349,000 1,496,500 107,800 Preferred stock S 3,953,300 Total contributed capital Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital and retained earnings S 3,953,300 1 Total stockholders' equity S 3,953,300