Required information E11-7 (Algo) Reporting Stockholders' Equity LO11-1, 11-3, 11-7 (The following information applies to the questions displayed below.) Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $6 par value, 96,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 63,000 shares of common stock for cash at $56 per share. b. Repurchased 9,000 shares from a stockholder for cash at $58 per share. E11-7 Part 2 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Assume retained earnings at the end of the year was $220,000. (Amounts to be deducted should be indicated with a minus sign.) a WILLIAMSON CORPORATION Balance Sheet (Partial) At End of This Year Stockholders' equity: Contributed Capital: Common stock Additional paid-in capital S 0 Total contributed capital Retained earnings Treasury stock 220,000 Total stockholders' equity $ 220,000