Quick Fix-lt 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, $16 par value, 99,400 shares authorized Preferred stock, $49 par value, 8 percent, 60,400 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,700 shares of common stock at $32 cash per share. b. Sold 21,800 shares of preferred stock at $70 cash per share. c. Bought 4,100 shares of common stock from a current stockholder for $21 cash per share. Required: Net income for the year was $90,700; cash dividends declared and paid at year-end were $31,200. 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.) Required: Net income for the year was $90,700; cash dividends declared and paid at year-end were $31,200. 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.)