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 $45,000$ shares of the common stock for $$20$ per share.

b$.$ Issued $12,000$ shares of the preferred stock at $$21$ per share.

c$.$ Issued $3,500$ shares of the common stock at $$25$ per share and $1,200$ shares of the preferred stock at $$21.$

d$.$ Net income for the first year was $$53,000,$ 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,$],[$Contributed Capital:,$],[$Preferred Stock,$],[$Additional Paid$-$In Capital, Preferred Stock,$48,500],[$Common Stock,$],[$Additional Paid$-$In Capital, Common Stock,$48,500],[,],[$Total Contributed Capital,$],[$Retained Earnings,$48,500]]$

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