Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $11 par value, 21,800 shares authorized Common stock: $9 par value, 51,300 shares authorized During the year, the following transactions occurred in the order given: Sold 39,600 shares of the common stock for $13 per share. Sold 6,400 shares of the preferred stock for $17 per share. Sold 4,900 shares of the common stock for $16 per share and 2,400 shares of the preferred stock for $27 per share. Net income for the year was $58,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year