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  3. witt corporation received its charter during janua

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

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Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $12 par value, 22,100 shares authorized Common stock: $10 par value, 51,400 shares authorized During the year, the following transactions occurred in the order given: a. Issued a total of 39,900 shares of the common stock at $14 cash per share. b. Sold 6,100 shares of the preferred stock at $18 cash per share. c. Sold 4,900 shares of the common stock at $17 cash per share and 2,600 shares of the preferred stock at $28 cash per share. d. Net income for the year was $69,000. Required Prepare the stockholders' equity section of the balance sheet at the end of the year. WITT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stoclk Total contributed capital Retained earnings 69,000 Total stockholders' equity $69,000

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