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 38,000 shares of the common stock for $17 per share. b. Issued 10,000 shares of the preferred stock at $18 per share. c. Issued 2,800 shares of the common stock at $22 per share and 1,000 shares of the preferred stock at $18. d. Net income for the first year was $46,000, but no dividends were declared. Required: Prepare the stockholders equity section of the balance sheet at December 31. Answer is complete but not entirely correct