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 35,000 shares of the common stock for $20 per share. b. Issued 10,000 shares of the preferred stock at $21 per share. c. Issued 2,500 shares of the common stock at $25 per share and 1,000 shares of the preferred stock at $21. d. Net income for the first year was $43,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31.