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, 99,500 shares authorized

Preferred stock, $49 par value, 8 percent, 60,000 shares authorized

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

a. Sold 78,800 shares of common stock at $30 cash per share.

b. Sold 20,400 shares of preferred stock at $75 cash per share.

c. Bought 4,600 shares of common stock from a current stockholder for $22 cash per share.

Required:

Net income for the year was $91,500; cash dividends declared and paid at year-end were $32,000. 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.)

QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed Capital: Total contributed capital 0 Total contributed capital and retained earnings 0 $ 0 Total stockholders' equity