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Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 1 0 percent, $ 1 0 par

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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:
a. Sold 40,000 shares of the common stock for $12 per share.
b. Sold 5,500 shares of the preferred stock for $16 per share.
c. Sold 3,000 shares of the common stock for $15 per share and 1,000 shares of the preferred stock for $26 per share.
d. Net income for the year was. $96,000.
Required:
Prepare the stockholders' equity section of the balance sheet at the end of the year.
\table[[WITT CORPORATION,,],[At December 31, This Year,,],[Stockholders' equity:,,],[Contributed capital:,,],[,,],[Total contributed capital,,],[Total stockholders' equity,,]]
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