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

Preferred stock: 10 percent, $12 par value, 21,300 shares authorized

Common stock: $10 par value, 50,400 shares authorized

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

1. Issued 39,000 shares of the common stock for $14 per share.
2. Sold 7,000 shares of the preferred stock for $18 per share.
3. Sold 4,500 shares of the common stock for $17 per share and 2,700 shares of the preferred stock for $28 per share.
4. Net income for the year was $71,000.

Required:

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