E$11-3($Algo$)$ Determining the Effects of the Issuance of Common and Preferred Stock L$011-1,11-3,11-7,$

$11-8$

Lucas Company was issued a charter by the state of Indiana on January $15$ of this year. The charter authorized the following:

Common stock, $$7$ par value, $108,000$ shares authorized

Preferred stock, $11$ percent, par value $$14$ per share, $6,000$ shares authorized

During the year, the following transactions took place in the order presented:

a$.$ Sold and issued $21,600$ shares of common stock at $$28$ cash per share.

b$.$ Sold and issued $1,500$ shares of preferred stock at $$32$ cash per share.

c$.$ At the end of the year, the company reported net income of $$41,300.$ No dividends were declared.

Required:

Prepare the stockholders' equity section of the balance sheet at the end of the year.