Witt Corporation began business operation at the beginning of January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $11 par value, 22,800 shares authorized Common stock: $9 par value, 50,800 shares authorized During the year, the following transactions occurred in the order given: a. Issued 39,300 shares of the common stock for $13 per share. b. Sold 5,800 shares of the preferred stock for $17 per share. c. Sold 3,800 shares of the common stock for $16 per share and 2,700 shares of the preferred stock for $27 per share. d. Net income for the year was $58,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Stockholders' equity: Contributed capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital 0 Retained earnings Total stockholders' equity $ 0