Reference no: EM132188435

Question - 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, $13 par value, 99,700 shares authorized

Preferred stock, $49 par value, 8 percent, 60,200 shares authorized

During January and February of this year, the following stock transactions were completed:

a. Sold 79,600 shares of common stock at $26 cash per share.

b. Sold 21,200 shares of preferred stock at $68 cash per share.

c. Bought 4,500 shares of common stock from a current stockholder for $22 cash per share.

Required: Net income for the year was $91,700; cash dividends declared and paid at year-end were $31,100. Prepare the stockholders' equity section of the balance sheet at the end of the year.