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, $17 par value, 99,400 shares authorized

Preferred stock, $46 par value, 8 percent, 60,000 shares authorized

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

a. Sold 79,900 shares of common stock at $34 cash per share.

b. Sold 21,900 shares of preferred stock at $61 cash per share.

c. Bought 5,100 shares of common stock from a current stockholder for $26 cash per share.

Required:

Net income for the year was $91,100; cash dividends declared and paid at year-end were $30,000. 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.)