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Lucas Company was issued a charter by the state of Indiana on January 15 of...

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Accounting

image Lucas 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, 123,000 shares authorized Preferred stock, 6 percent, par value $11 per share, 4,800 shares authorized During the year, the following transactions took place in the order presented: a. Sold and issued 21,100 shares of common stock at $22 cash per share. b. Sold and issued 1,800 shares of preferred stock at $26 cash per share. c. At the end of the year, the company reported net income of $40,400. No dividends were declared. Required: 1. Prepare the stockholders' equity section of the balance sheet at the end of the year

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