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 33,000 shares of the common stock for 513 per share. b.issued 12,000 shares of the preferred stock at $14 per share. c.issued 2,300 shares of the common stock at 518 per share and 1,200 shares of the preferred stock at $14. d.Net income for the first year was 541,000. Required: Prepare the stockholders' equity section of the balance sheet at December 31. NORTH WIND AVIATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital Total Contributed Capital Retained Earnings Total Stockholders' Equity $ 0