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

Preferred stock: 10 percent, $13 par value, 21,400 shares authorized

Common stock: $11 par value, 51,700 shares authorized

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

1. Issued 39,300 shares of the common stock for $15 per share.
2. Sold 6,700 shares of the preferred stock for $19 per share.
3. Sold 4,600 shares of the common stock for $18 per share and 2,700 shares of the preferred stock for $29 per share.
4. Net income for the year was $70,000.

Required:

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

WITT CORPORATION Balance Sheet (Partial) At December 31, This Year Stockholders' equity: Contributed capital: Total contributed capital Total stockholders' equity