Tandy Company was issued a charter by the state of Indiana on January 15 of...
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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: Sold and issued 20,000 shares of common stock at $16 cash per share. Sold and issued 3,000 shares of preferred stock at $20 cash per share. At the end of the year, the accounts showed net income of $60,000. No dividends were declared. Prepare the stockholders' equity section of the balance sheet at the end of the year
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