P11-2 Witt Corporation received its charter during January 2014. The charter authorized the following capital stock: Preferred stock: 10 percent, par $10, authorized 21,000 shares Common stock: par $8, authorized 50,000 shares. During 2014, the following transactions occurred in the order given: a. Issued a total of 40,000 shares of the common stock to the four organizers at $12 per share. b.Sold 5,500 shares of the preferred stock at $16 per share. c. Sold 3,000 shares of the common stock at $15 per share and 1,000 shares of the preferred stock at $26. d. Net income for the year was $96,000. Required: Prepare the Stockholders’ Equity section of the balance sheet at December 31, 2014. Possible input areas are shaded. WITT CORPORATION Balance Sheet (Partial) At December 31, 2014 Stockholders’ equity: Contributed capital: Total contributed capital 639,000 Total stockholders’ equity