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

Preferred stock: $10$ percent, $$12$ par value, $21,500$ shares authorized

Common stock: $$10$ par value, $51,200$ shares authorized

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

Sold $39,800$ shares of the common stock for $$14$ per share.

Sold $7,000$ shares of the preferred stock for $$18$ per share.

Sold $4,000$ shares of the common stock for $$17$ per share and $2,500$ shares of the preferred stock for $$28$ per share.

Net income for the year was $$68,000.$

Required:

Prepare the stockholders' equity section of the balance sheet at the end of the year.Witt Corporation received its charter during January of this year. The charter authorized the following stock:

Preferred stock: $10$ percent, $$12$ par value, $21,500$ shares authorized

Common stock: $$10$ par value, $51,200$ shares authorized

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

a$.$ Sold $39,800$ shares of the common stock for $$14$ per share.

b$.$ Sold $7,000$ shares of the preferred stock for $$18$ per share.

c$.$ Sold $4,000$ shares of the common stock for $$17$ per share and $2,500$ shares of the preferred stock for $$28$ per share.

d$.$ Net income for the year was $$68,000.$

Required:

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

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