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

Preferred stock: 10 percent, $11 par value, 21,500 shares authorized

Common stock: $9 par value, 50,300 shares authorized

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

1. Issued 38,000 shares of the common stock for $13 per share.
2. Sold 6,100 shares of the preferred stock for $17 per share.
3. Sold 3,900 shares of the common stock for $16 per share and 2,900 shares of the preferred stock for $27 per share.
4. Net income for the year was $70,000.

Required:

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