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 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: Common Stock Preferred Stock Additional Paid-In Capital, Common Stock Additional Paid-In Capital, Preferred Stock Total Contributed Capital 0 39,000 Retained Earnings Total Stockholders' Equity $ 39,000