North Wind Aviation received its charter during January authorizing the following capital stock:

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

a.	Issued a total of 34,000 shares of the common stock for $14 per share.
b.	Issued 11,000 shares of the preferred stock at $15 per share.
c.	Issued 2,400 shares of the common stock at $19 per share and 1,100 shares of the preferred stock at $15.
d.	Net income for the first year was $42,000.