E11-3 (Algo) Preparing the Stockholders' Equity Section of the Balance Sheet [LO 11-2, LO 11-4] North Wind Avlation recelved 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 31,000 shares of the common stock for $11 per share. b. Issued 11.000 shares of the preferred slock at $12 per share c. Issued 2:100 shares of the common stock at \$16 per share and 1,100 shares of the pieferred stock at \$12. d. Net income for the first year was $39,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance shect at December 31. (Helpful tool: Record Journal Entries for each (A-D) transaction before attempting to complete the balance shect below)