Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $14 par value, 22,800 shares authorized Common stock: $12 par value, 50,300 shares authorized During the year, the following transactions occurred in the order given: a. Sold 38,600 shares of the common stock for $16 per share. b. Sold 5,600 shares of the preferred stock for $20 per share. c. Sold 3,700 shares of the common stock for $19 per share and 1,500 shares of the preferred stock for $30 per share. d. Net income for the year was $67,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year