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 $42,000$ shares of the common stock for $$17$ per share.

b$.$ Issued $12,000$ shares of the preferred stock at $$18$ per share.

c$.$ Issued $3,200$ shares of the common stock at $$22$ per share and $1,200$ shares of the preferred stock at $$18.$

d$.$ Net income for the first year was $$50,000,$ 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,$45,200],[$Additional Paid$-$In Capital, Preferred Stock,$],[$Common Stock,$],[$Additional Paid$-$In Capital, Common Stock,$45,200],[,50,000],[$Total Contributed Capital,$],[$Retained Earnings,$95,200]]$