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 44,000 shares of the common stock for $19 per share.
2. Issued 11,000 shares of the preferred stock at $20 per share.
3. Issued 3,400 shares of the common stock at $24 per share and 1,100 shares of the preferred stock at $20.
4. Net income for the first year was $52,000, but no dividends were declared.

Required:

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

Contributed Capital
Preferred Stock
additional paid-in capital, Prefered stock
Common stock
Additional Paid-In Capital, Common Stock
Total Contributed Capital
Retained Earnings
Total Stockholders' Equity