North Wind Aviation received its charter during January 2013. The charter authorized the following capital stock: Preferred Stock, 8 percent, par $10, 20,000 shares and Common Stock, par $1, authorized 50,000 shares. During 2013, the following transactions occurred in the order given:

a. Issued a total of 40,000 shares of the common stock to the companys founders 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 $48,000.

Required:

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