uick 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, $13 par value, 99,800 shares authorized Preferred stock, $41 par value, 8 percent, 59,300 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,600 shares of common stock at $26 cash per share. b. Sold 21,900 shares of preferred stock at $67 cash per share. c. Repurchased 4,500 shares of common stock for $15 cash per share. Required: Net income for the year was $90,400; cash dividends declared and paid at year-end were $30,000. 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. Stockholders' equity: Contributed capital: QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31 Required: Net income for the year was $90,400; cash dividends declared and paid at year-end were $30,000. 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. QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31 ok ht ences Stockholders' equity: Contributed capital: Total contributed capital Total stockholders' equity