Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the followin Common stock, $6 par value, 115,000 shares authorized Preferred stock, 7 percent, par value $10 per share, 4,900 shares authorized During the year, the following transactions took place in the order presented: a. Sold and issued 21,700 shares of common stock at $20 cash per share. b. Sold and issued 1,300 shares of preferred stock at $24 cash per share. c. At the end of the year, the accounts showed net income of $40,600. 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: Common stock [ $ Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock 434,000 31,200 86,800 13,000 565,000 Total contributed capital Retained earnings Total stockholders' equity $ 565,000