Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $11 par value, 23,000 shares authorized Common stock: $9 par value, 51,600 shares authorized During the year, the following transactions occurred in the order given: Issued 38,400 shares of the common stock for $13 per share. Sold 7,100 shares of the preferred stock for $17 per share. Sold 3,500 shares of the common stock for $16 per share and 1,700 shares of the preferred stock for $27 per share. Net income for the year was $67,000. Required:
Prepare the stockholders' equity section of the balance sheet at the end of the year.