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 $i, authorized 60,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 49,000 shares of the common stock for $11 per share. b. Issued 10,000 shares of the preferred stock at $12 per share. c. Issued 3,900 shares of the common stock at $16 per share and 1,000 shares of the preferred stock at $12. d. Net income for the first year was $57,000, 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: Preferred Stock Additional Paid In Capital, Preferred Stock Common Stock Additional Paid In Capital Common Stock $ 52,900 110,000 548,800 22.000 ! Required: Prepare the stockholders' equity section of the balance sheet at Decemb NORTH WIND AVIATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Preferred Stock Additional Paid-In Capital, Preferred Stock Common Stock Additional Paid-In Capital, Common Stock Total Contributed Capital Retained Earnings 22,000 57,000 Total Stockholders' Equity $ $ 79,000