Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Common stock, $6 par value, 111,000 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 20,800 shares of common stock at $20 cash per share. b. Sold and issued 1,700 shares of preferred stock at $24 cash per share. c. At the end of the year, the accounts showed net income of $40,200. No dividends were declared. Required: 1. Prepare the stockholders equity section of the balance sheet at the end of the year.