Tandy 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, 109,000 shares authorized Preferred stock, 11 percent, par value $6 per share, 4,000 shares authorized During the year, the following transactions took place in the order presented a Sold and issued 21,600 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 accounts showed net income of $41,000. 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 78