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: a. Issued a total of 46,000 shares of the common stock for $14 per share. b. Issued 10,000 shares of the preferred stock at $15 per share. c. Issued 3,600 shares of the common stock at $19 per share and 1,000 shares of the preferred stock at $15. d. Net income for the first year was $54,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31