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:Issued a total of $30,000$ shares of the common stock for $$10$ per share.Issued $12,000$ shares of the preferred stock at $$11$ per share.Issued $2,000$ shares of the common stock at $$15$ per share and $1,200$ shares of the preferred stock at $$11.$Net income for the first year was $$38,000,$ but no dividends were declared.Required:Prepare the stockholders equity section of the balance sheet at December $31.$