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, 98,200 shares authorized Preferred stock, $49 par value, 8 percent, 59,800 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,100 shares of common stock at $34 cash per share. c. Bought 5,800 shares of common stock from a current stockholder for $14 cash per share. Required Net income for the year was $91,400; cash dividends declared and paid at year-end were $31,400. 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 Preferred stock Common stock $ 1,448,400 2,574,200 Total contributed capital 4,022,600 Retained earnings 60,000 Total contributed capital and retained earnings 4,082,600 Total stockholders' equity $ 4,082,600