P11-2 (Static) Preparing the Stockholders' Equity Section of the Balance Sheet LO 11-1, 11-3, 11- Witt Corporation received its charter during January of this year. The charter authorized the following stock Preferred stock: 10 percent $10 par value, 21,000 shares authorized Common stock 58 par value, 50,000 shares authorized During the year, the following transactions occurred in the order given: a. Issued 40,000 shares of the common stock for $12 per share. b. Sold 5,500 shares of the preferred stock for $16 per share. c. Sold 3,000 shares of the common stock for $15 per share and 1,000 shares of the preferred stock for $26 per share d. Net income for the year was $96.000, 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 Total contributed capital 0 Total stockholders equity $ 0