Thomas Tandy Company reported the following balances at December 31, 2019: common stock $460,000; paid-in capital in excess of par-common stock $200,000; retained earnings $335,000. During 2020, the following transactions affected stockholder's equity. 1. 2. 3. 4. (a) Issued preferred stock with a par value of $185,000 for $215,000. Purchased treasury stock (common) for $68,000. Earned net income of $235,000. Declared and paid cash dividends of $85,000 ($17,735 preferred). Prepare the stockholders' equity section of Thomas Tandy Company's December 31, 2020, balance sheet.

Thomas Tandy Company reported the following balances at December 31,2019: common stock $460,000; paid-in capital in excess of par-common stock $200,000; retained earnings $335,000. During 2020 , the following transactions affected stockholder's equity. 1. Issued preferred stock with a par value of $185,000 for $215,000. 2. Purchased treasury stock (common) for $68,000. 3. Earned net income of $235,000. 4. Declared and paid cash dividends of $85,000($17,735 preferred)