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, 119,000 shares authorized Preferred stock, 9 percent, par value $8 per share, 5,100 shares authorized During the year, the following transactions took place in the order presented: a. Sold and issued 21,800 shares of common stock at $16 cash per share. b. Sold and issued 2,400 shares of preferred stock at $20 cash per share. c. At the end of the year, the accounts showed net income of $40,000. 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