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: 1. Issued a total of 33,000 shares of the common stock for $13 per share. 2. Issued 12,000 shares of the preferred stock at $14 per share. 3. Issued 2,300 shares of the common stock at $18 per share and 1,200 shares of the preferred stock at $14. 4. Net income for the first year was $41,000, but no dividends were declared. 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: Preferred Stock Total Contributed Capital 0 Total Stockholders' Equity 69 $ 0