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 38,000 shares of the common stock for $17 per share. b. Issued 10,000 shares of the preferred stock at $18 per share. c Issued 2,800 shares of the common stock at $22 per share and 1,000 shares of the preferred stock at $18. d. Net income for the first year was $46,000, 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 110,000 Total Contributed Capital Retained Earnings 110,000 46,000 Total Stockholders' Equity $ 156,000