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, $10 par value, 98,600 shares authorized Preferred stock, $47 par value, 8 percent, 60,600 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,700 shares of common stock at $20 cash per share. b. Sold 21,200 shares of preferred stock at $64 cash per share. c. Bought 5,500 shares of common stock from a current stockholder for $15 cash per share. Net income for the year was $91,600; cash dividends de and paid a year-end were $30,600. Prepare the stockholders' equity section of the balance sheet at the end of the year