E11-3 (Algo) Determining the Effects of the Issuance of Common and Preferred Stock LO11-1, 11-3, 11-7, 11-8 Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Common stock, $7 par value, 106,000 shares authorized Preferred stock, 6 percent, par value $14 per share, 4,300 shares authorized During the year, the following transactions took place in the order presented nt ne Sold and issued 20,200 shares of common stock at $28 cash per share. 6. Sold and issued 1700 shares of preferred stock at $32 cash per share c. At the end of the year, the accounts showed net income of $40,400. No dividends were declared. Required: 1. Prepare the stockholders equity section of the balance sheet at the end of the year