Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Common stock, $10 par value, 103, 000 shares authorized Preferred stock, 9 percent, par value $8 per share, 4, 000 shares authorized During the year, the following transactions took place in the order presented: a Sold and issued 20, 000 shares of common stock at $16 cash per share. b. Sold and issued 3, 000 shares of preferred stock at $20 cash per share. c. All the end of the year, the accounts showed net income of $60, 000. No dividends were declared. Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the year