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 60,000 shares.

The following transactions occurred during the first year of operations in the order given:

Issued a total of 50,000 shares of the common stock for $10 per share. Issued 11,000 shares of the preferred stock at $11 per share. Issued 4,000 shares of the common stock at $15 per share and 1,100 shares of the preferred stock at $11. Net income for the first year was $58,000, but no dividends were declared.

Required:

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