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:

1. Issued a total of 48,000 shares of the common stock for $12 per share.
2. Issued 12,000 shares of the preferred stock at $13 per share.
3. Issued 3,800 shares of the common stock at $17 per share and 1,200 shares of the preferred stock at $13.
4. Net income for the first year was $56,000, but no dividends were declared.

Required:

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