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

Preferred stock: 10 percent, $14 par value, 23,000 shares authorized

Common stock: $12 par value, 50,600 shares authorized

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

1. Issued 40,000 shares of the common stock for $16 per share.
2. Sold 6,100 shares of the preferred stock for $20 per share.
3. Sold 3,400 shares of the common stock for $19 per share and 2,100 shares of the preferred stock for $30 per share.
4. Net income for the year was $65,000.

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 $