Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $13 par value, 21,400 shares authorized Common stock: $11 par value, 51,900 shares authorized During the year, the following transactions occurred in the order given: a. Issued 38,400 shares of the common stock for $15 per share. . Sold 6,800 shares of the preferred stock for $19 per share. c. Sold 4,000 shares of the common stock for $18 per share and 1,600 shares of the preferred stock for $29 per share. d. Net income for the year was $53,000. 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 Additional paid-in capital, common stock Preferred stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings 0 Total stockholders' equity $ 0