XInstructor-created question Question Help Fast Fix Company began operations during 2016. The company has been authorized to sell 650,000 shares of $8 par value common stock and 275,000 shares of $16 par, 14 percent preferred stock. During the year, the company had the following selected transactions: Issued 5,700 shares of common stock in exchange for $20,000 and a truck with a market value of $25,600. Mar Apr 13: Issued 1,000 shares f common stock for $8,000. Aug 18: Issued 3,500 shares of common stock for $39,375. Sep 6: Issued 1,700 shares of preferred stock for $45,000 Oct 22: Purchased 800 shares of its common stock for $11 per share. Nov 14: Declared a $15,000 dividend to be paid on December 15 Dec 15: Paid the dividend. Dec 21: Sold 300 shares of treasury stock for $19 per share. Requirement. Prepare the stockholders' equity section of the balance sheet on December 31, 2016, assuming $111,000 of net income during the year. In addition to the dividends paid on December 15, $3,800 of more dividends were declared prior to year-end; and these dividends were paid during the first month of next year. Stockholders' Equity Requirement. Prepare the stockholders' equity section of the balance sheet on December 31, 2016, assuming $111,000 of net income during the year. In addition t the dividends paid on December 15, $3,800 of more dividends were declared prior to year-end; and these dividends were paid during the first month of next year. Stockholders' Equity Paid-in capital: Preferred stock, $16 par, 275,000 shares authorized, 1,700 shares issued and outstanding 27,200 Paid-in capital in excess of par, preferred 17,800 Common stock, $8 par, 650,000 shares authorized, 9,700 shares outstanding 81,600 10,200 shares issued, Paid-in capital in excess of par, common 11,375 Paid-in capital from treasury stock Total paid-in capital Retained earnings Less: Treasury stock 500 shares at cost Total stockholders' equity