Witt Corporation received its charter during January of this year. The charter authorized the following stock:

Preferred stock: 10 percent, $13 par value, 21,500 shares authorized

Common stock: $11 par value, 50,300 shares authorized

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

1. Issued 39,700 shares of the common stock for $15 per share.
2. Sold 7,100 shares of the preferred stock for $19 per share.
3. Sold 4,400 shares of the common stock for $18 per share and 1,400 shares of the preferred stock for $29 per share.
4. Net income for the year was $54,000.

Required:

Prepare the stockholders' equity section of the balance sheet at the end of the year.