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

Preferred stock: 10 percent, $13 par value, 22,700 shares authorized

Common stock: $11 par value, 51,800 shares authorized

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

Issued 39,300 shares of the common stock for $15 per share.

Sold 6,500 shares of the preferred stock for $19 per share. Sold 3,500 shares of the common stock for $18 per share and 1,300 shares of the preferred stock for $29 per share.

Net income for the year was $55,000.

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

Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $13 par value, 22,700 shares authorized Common stock: $11 par value, 51,800 shares authorized During the year, the following transactions occurred in the order given: a. Issued 39,300 shares of the common stock for $15 per share. b. Sold 6,500 shares of the preferred stock for $19 per share. c. Sold 3,500 shares of the common stock for $18 per share and 1,300 shares of the preferred stock for $29 per sha d. Net income for the year was $55,000. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year