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 49,000 shares of the common stock for $11 per share. b. Issued 10,000 shares of the preferred stock at $12 per share. c. Issued 3,900 shares of the common stock at $16 per share and 1,000 shares of the preferred stock at $12 d.Net income for the first year was $57,000, 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: 60,000 $ Preferred Stock Additional Paid-In Capital, Preferred Stock Common Stock Additional Paid-In Capital, Common Stock Total Contributed Capital 60,000 Retained Earnings Total Stockholders' Equity 60,000