E$11-3$ Preparing the Stockholders' Equity Section of the Balance Sheet

North Wind Aviation received its charter during January authorizing the following capital stock:

Preferred stock: $8$ percent, par $$10,$ authorized $20,000$ shares.

Common stock: par $$1,$ authorized $50,000$ shares.

The following transactions occurred during the first year of operations in the order given:

a$.$ Issued a total of $40,000$ shares of the common stock for $$15$ per share.

b$.$ Issued $10,000$ shares of the preferred stock at $$16$ per share.

c$.$ Issued $3,000$ shares of the common stock at $$20$ per share and $1,000$ shares of the preferred stock at $$16.$

d$.$ Net income for the first year was $$48,000,$ but no dividends were declared.

Required:

Prepare the stockholders' equity section of the balance sheet at December $31.$