Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $14 par value, 22,300 shares authorized Common stock: $12 par value, 51,900 shares authorized During the year, the following transactions occurred in the order given: Sold 39,500 shares of the common stock for $16 per share. Sold 5,800 shares of the preferred stock for $20 per share. Sold 4,700 shares of the common stock for $19 per share and 2,000 shares of the preferred stock for $30 per share. Net income for the year was $51,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year