E11-3 Preparing the Stockholders Equity Section of the Balance Sheet [LO 11-2, LO 11-4]

North Wind Aviation received its charter during January 2013. The charter authorized the following capital stock:

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

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

During 2013, the following transactions occurred in the order given:

a.	Issued a total of 30,000 shares of the common stock for $10 per share.
b.	Issued 12,000 shares of the preferred stock at $11 per share.
c.	Issued 2,000 shares of the common stock at $15 per share and 1,200 shares of the preferred stock at $11.
d.	Net income for the first year was $38,000.

Required:

Prepare the stockholders equity section of the balance sheet at December 31, 2013.