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E$11-3($Algo$)$ 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 $$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 $38,000$ shares of the common stock for $$17$ per share.

b$.$ Issued $10,000$ shares of the preferred stock at $$18$ per share.

c$.$ Issued $2,800$ shares of the common stock at $$22$ per share and $1,000$ shares of the preferred stock at $$18.$

d$.$ Net income for the first year was $$46,000,$ but no dividends were declared.

Required:

Prepare the stockholders' equity section of the balance sheet at December $31.($Helpful tool: Record Journal Entries for each $($A$-$D$)$ transaction before attempting to complete the balance sheet below$)$

$\backslash$table$[[$NORTH WIND AVIATION,$],[$Balance Sheet $($Partial$),],[$At December $31,],[$Stockholders$\text{'}$ Equity,$],[$Contributed Capital:,$],[$Preferred Stock,$],[$Additional Paid$-$In Capital, Preferred Stock,$],[$Common Stock,$],[$Additional Paid$-$In Capital, Common Stock,$],[$Total Contributed Capital,$],[$Retained Earnings,$]]$