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

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

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

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

Sold $40,000$ shares of the common stock for $$12$ per share.

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

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

Net income for the year was $$96,000.$

Required:

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