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, $16 par value, 99,900 shares authorized Preferred stock, $48 par value, 8 percent, 59,600 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,700 shares of common stock at $32 cash per share. b. Sold 21,200 shares of preferred stock at $62 cash per share. c. Bought 4,300 shares of common stock from a current stockholder for $20 cash per share. Required: Net income for the year was $90,600; 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. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' equity: Contributed capital: Common stock Preferred stock QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total contributed capital and retained earnings Total stockholders' equity 0 $ 0 0