15 North Wind Aviation received its charter during January authorizing the following capital stock 0.31 points Preferred stock: 8 percent, par $10, authorized 20,000 Shares Common stock: par $1. authorized 60,000 shares. Skopped eBook The following transactions occurred during the first year of operations in the order given a Issued a total of 48,000 shares of the common stock for $12 per share. b. Issued 12,000 shares of the preferred stock at $13 per share c Issued 3,800 shares of the common stock at $17 per share and 1.200 shares of the preferred stock at $13 d. Net income for the first year was $56,000, but no dividends were declared. Hint References Required: Prepare the stockholders equity section of the balance sheet at December 31 15 North Wind Aviation received its charter during January authorizing the following capital stock 0.31 points Preferred stock: 8 percent, par $10, authorized 20,000 Shares Common stock: par $1. authorized 60,000 shares. Skopped eBook The following transactions occurred during the first year of operations in the order given a Issued a total of 48,000 shares of the common stock for $12 per share. b. Issued 12,000 shares of the preferred stock at $13 per share c Issued 3,800 shares of the common stock at $17 per share and 1.200 shares of the preferred stock at $13 d. Net income for the first year was $56,000, but no dividends were declared. Hint References Required: Prepare the stockholders equity section of the balance sheet at December 31