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E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 Quick...

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E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 Quick Fix-lt Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock, $19 par value, 98,700 shares authorized Preferred stock, $47 par value, 8 percent, 60,100 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,900 shares of common stock at $38 cash per share. b. Sold 20,500 shares of preferred stock at $71 cash per share. c. Bought 5,600 shares of common stock from a current stockholder for $18 cash per share. Required: Net income for the year was $91,100; cash dividends declared and paid at year-end were $31,400. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed capital

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