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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, $13 par value, 23,000 shares authorized
Common stock: $11 par value, 50,000 shares authorized
During the year, the following transactions occurred in the order given:
Sold 39,100 shares of the common stock for $15 per share.
Sold 7,000 shares of the preferred stock for $19 per share.
Sold 4,800 shares of the common stock for $18 per share and 3,000 shares of the preferred stock for $29 per share.
Net income for the year was $52,000.
Required:
Prepare the stockholders' equity section of the balance sheet at the end of the year.

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