Witt Corporation received its charter during January of this year. The charter authorized the following...
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Accounting
Witt Corporation received its charter during January of this year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 22,400 shares authorized Common stock. $8 par value, 51,400 shares authorized During the year, the following transactions occurred in the order given: a. Sold 39,700 shares of the common stock for $12 per share. b. Sold 6,100 shares of the preferred stock for $16 per share c. Sold 4,400 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 $66,000 Required: Prepare the stockholders' equity section of the balance sheet at the end of the year
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