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. $6 par value, 120,000 shares authorized Preferred stock, 6 percent, par value $6 per share, 5.100 shares authorized During the year, the following transactions took place in the order presented: a. Sold and issued 21,100 shares of common stock at $12 cash per share. b. Sold and issued 1.100 shares of preferred stock at $16 cash per share. C. At the end of the year, the accounts showed net income of $41,100. No dividends were declared. Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the year. TANDY, INCORPORATED Balance Sheet (Partial) At December 31, this year Stockholders' equity Contributed capital: Total contributed capital Total stockholders' equity