Quick FixIt 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, $ par value, shares authorized

Preferred stock, $ par value, percent, shares authorized

During January and February of this year, the following stock transactions were completed:

Sold shares of common stock at $ cash per share.

Sold shares of preferred stock at $ cash per share.

Repurchased shares of common stock for $ cash per share.

Required:

Net income for the year was $; cash dividends declared and paid at yearend were $ Prepare the stockholders\' equity section of the balance sheet at the end of the year.

Note: Amounts to be deducted should be indicated with a minus sign.