Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $13 par value, 22,700 shares authorized Common stock: $11 par value, 50,500 shares authorized During the year, the following transactions occurred in the order given: a. Sold 38,300 shares of the common stock for $15 per share. b. Sold 7,400 shares of the preferred stock for $19 per share. c. Sold 4,400 shares of the common stock for $18 per share and 2,800 shares of the preferred stock for $29 per share d. Net income for the year was $56,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year