Witt Corporation received its charter during January 2014. The charter authorized the following capital stock: Preferred stock: 10 percent, par $13, authorized 22,000 shares Common stock: par $11, authorized 51,800 shares. During 2014, the following transactions occurred in the order given: a. Issued a total of 38,400 shares of the common stock to the four organizers at $15 per share. b. Sold 7,300 shares of the preferred stock at $19 per share. c. Sold 4,100 shares of the common stock at $18 per share and 1,100 shares of the preferred stock at $29. d. Net income for the year was $56,000. Required: Prepare the Stockholders Equity section of the balance sheet at December 31, 2014. (Amounts to be deducted should be indicated with a minus sign.)