North Wind Aviation received its charter during January 2010. The charter authorized the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $7, authorized 50,000 shares. During 2010, the following transactions occurred in the order given: a) Issued a total of 40,000 shares of the common stock to the company's founders for $11 per share. b) Issued 5,000 shares of the preferred stock at $18 per share. c) Issued 3,000 shares of common stock at $14 per share and 1,000 shares of the preferred stock at $28. d) Net income for the first year was $48,000

Requirement: Prepare the stockholders' equity section of the balance sheet at December 31, 2010