Witt Corporation received its charter during January 2014. The charter authorized the following capital stock:

Preferred stock: 10 percent, par $10, authorized 21,000 shares

Common stock: par $8, authorized 50,000 shares.

During 2014, the following transactions occurred in the order given:

Issued a total of 40,000 shares of the common stock to the four organizers at $12 per share.

Sold 5,500 shares of the preferred stock at $16 per share.

Sold 3,000 shares of the common stock at $15 per share and 1,000 shares of the preferred stock at $26.

Net income for the year was $96,000.

Prepare the Stockholders Equity section of the balance sheet at December 31, 2014.

WITT CORPORATION
Balance Sheet (Partial)
At December 31, 20
Stockholders equity:
Contributed capital:
Total contributed capital	-
Total stockholders equity		$ -