North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8 percent, par $19, authorized 20,000 shares. Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of oper a. Issued a total of 31,000 shares of the common stock for $11 per share. b. Issued 11,000 shares of the preferred stock at $12 per share. c. Issued 2.100 shares of the common stock at $16 per share and 1.100 shares of the preferred stock at $12. d. Net income for the first year was $39,000, 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