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 authorizing the following capital stock: Preferred stock: 8 percent, par $1e, 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 $18,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31. NORTH WIND AVIATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital 0 Total Stockholders' Equity $ $ 0