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 $36,000$ shares of the common stock for $$19$ per share.

b$.$ Issued $12,000$ shares of the preferred stock at $$20$ per share.

c$.$ Issued $2,600$ shares of the common stock at $$24$ per share and $1,200$ shares of the preferred stock at $$20.$

d$.$ Net income for the first year was $$44,000,$ but no dividends were declared.

Required:

Prepare the stockholders' equity section of the balance sheet at December $31.$

$\backslash$table$[[$NORTH WIND AVIATION$],[$Balance Sheet $($Partial$)],[$At December $31],[$Stockholders$\text{'}$ Equity,$],[,],[,],[,],[,],[$Total Contributed Capital,$],[,],[$Total Stockholders' Equity,$]]$

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