Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 21100 shares authorized Common stock: $8 par value, 50,700 shares authorized During the year, the following transactions occurred in the order given a. Issued 39,600 shares of the common stock for $12 per share. b. Sold 5,500 shares of the preferred stock for $16 per share. c. Sold 3,600 shares of the common stock for $15 per share and 2,700 shares of the preferred stock for $26 per share. d. Net income for the year was $66,000. 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 Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock 0 Total contributed capital Retained earnings Total stockholders' equity $