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Witt Corporation received its charter during January of this year. The charter authorized the following stock Preferred stock: 10 percent, $11 par value, 22,600 shares authorized Common stock: $9 par value, 50,500 shares authorized During the year, the following transactions occurred in the order given a. Issued a total of 38,000 shares of the common stock at $13 cash per share. b. Sold 6,800 shares of the preferred stock at $17 cash per share c. Sold 3,600 shares of the common stock at $16 cash per share and 1,900 shares of the preferred stock at $27 cash per share. d. Net income for the year was $52,000. 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 $ 95,700 Preferred stock Additional paid-in capital, preferred stock Common stock Additional paid-in capital, common stock Total contributed capital 95,700 Total stockholders' equity $ 95,700