Business, 06.05.2020 06:13 jadejordan8888

Quick Fix-It 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, $16 par value, 98,200 shares authorized
Preferred stock, $40 par value, 8 percent, 59,400 shares authorized
During January and February of this year, the following stock transactions were completed:

a. Sold 79,700 shares of common stock at $32 cash per share.
b. Sold 20,900 shares of preferred stock at $72 cash per share.
c. Bought 4,900 shares of common stock from a current stockholder for $14 cash per share.

Prepare the stockholders' equity section of the balance sheet at the end of the year.

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