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

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Accounting

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, 51,500 shares authorized
During the year, the following transactions occurred in the order given:
a. Sold 38,400 shares of the common stock for $13 per share.
b. Sold 6,300 shares of the preferred stock for $17 per share.
c. Sold 4,400 shares of the common stock for $16 per share and 1,100 shares of the preferred stock for $27 per share.
d. Net income for the year was $61,000.
Required:
Prepare the stockholders' equity section of the balance sheet at the end of the year.
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