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

Preferred stock: $10$ percent, $$13$ par value, $23,000$ shares authorized

Common stock: $$11$ par value, $50,000$ shares authorized

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

Sold $39,100$ shares of the common stock for $$15$ per share.

Sold $7,000$ shares of the preferred stock for $$19$ per share.

Sold $4,800$ shares of the common stock for $$18$ per share and $3,000$ shares of the preferred stock for $$29$ per share.

Net income for the year was $$52,000.$

Required:

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