required: net income for the year was $91,900; cash dividends declared and paid at year end were $31,900. Prepare the stockholders equity section of the balance sheet at the end of the year.

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, $19 par value, 99,600 shares authorized Preferred stock, $49 par value, 8 percent, 59,700 shares authorized During January and February of this year, the following stock transactions were completed a Sold 78,400 shares of common stock at $38 cash per share. b. Sold 20.800 shares of preferred stock at $77 cash per share c. Repurchased 5.900 shares of common stock for $14 cash per share Required: Net income for the year was $91.900, cash dividends declared and paid at year-end were $31,900 Prepare the stockholders equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign