need explanation to understand

Lucas Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Common stock, $8 par value, 115,000 shares authorized Preferred stock, 12 percent, par value $6 per share, 5,600 shares authorized During the year, the following transactions took place in the order presented: a. Sold and issued 20,100 shares of common stock at $12 cash per share. b. Sold and issued 2,900 shares of preferred stock at $16 cash per share. c. At the end of the year, the company reported net income of $41,900. No dividends were declared. Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the year