Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $14 par value, 22,500 shares authorized Common stock: $12 par value, 51,000 shares authorized During the year, the following transactions occurred in the order given: a. Sold 38,700 shares of the common stock for $16 per share. b. Sold 5,600 shares of the preferred stock for $20 per share. c. Sold 3,100 shares of the common stock for $19 per share and 2,600 shares of the preferred stock for $30 per share d. Net income for the year was $70,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year