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 44,000 shares of the common stock for $19 per share. b. Issued 11,000 shares of the preferred stock at $20 per share. c. Issued 3,400 shares of the common stock at $24 per share and 1,100 shares of the preferred stock at $20. d. Net income for the first year was $52,000, 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: Common Stock Preferred Stock Additional Paid-In Capital, Common Stock Additional Paid-In Capital, Preferred Stock Accumulated DepreciationBuildings Total Contributed Capital Retained Earnings 47,400 121,000 870,200 189,400 1,228,000 Total Stockholders' Equity $ 1,228,000