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: Issued a total of 40,000 shares of the common stock for $15 per share.

Issued 10,000 shares of the preferred stock at $16 per share. Issued 3,000 shares of the common stock at $20 per share and 1,000 shares of the preferred stock at $16. Net income for the first year was $48,000, but no dividends were declared.

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