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 60,000 shares.

The following transactions occurred during the first year of operations in the order given:

a.Issued a total of 48,000 shares of the common stock for $12 per share.b.Issued 12,000 shares of the preferred stock at $13 per share.c.Issued 3,800 shares of the common stock at $17 per share and 1,200 shares of the preferred stock at $13.

d.Net income for the first year was $56,000.

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 60,000 shares. ' The following transactions occurred during the rst year of operations in the order given: a. Issued a total of 48,000 shares of the common stock for $12 per share. b. Issued 12,000 shares of the preferred stock at $13 per share. c d . Issued 3,800 shares of the common stock at $17 per share and 1,200 shares of the preferred stock at $13. . Net income for the rst year was $56,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. Stockholders' Equity Contributed Capital: _ Preferred Stock $ 132,000 Additional Paid-in Capital, Preferred Stock - Additional Paid-in Capital, Common Stock - Total Contributed Capital 132,000 Retained Earnings 56,000 Total Stockholders' Equity $ 188,000