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 35,000 shares of the common stock for $20 per share.

b)Issued 10,000 shares of the preferred stock at $21 per share.

c)Issued 2,500 shares of the common stock at $25 per share and 1,000 shares of the preferred stock at $21.

d)Net income for the first year was $43,000, but no dividends were declared.

Required: Prepare the stockholders equity section of the balance sheet at December 31.