Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Common stock, $5 par value, 116,000 shares authorized Preferred stock, 15 percent, par value $15 per share, 5,200 shares authorized During the year, the following transactions took place in the order presented: Sold and issued 20,600 shares of common stock at $30 cash per share. Sold and issued 2,000 shares of preferred stock at $34 cash per share. At the end of the year, the accounts showed net income of $41,200. No dividends were declared.
Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the year.
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