North Wind Aviation recelved 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 47,000 shares of the common stock for $13 per share. b. Issued 11,000 shares of the preferred stock at $14 per share. c. Issued 3,700 shares of the common stock at $18 per share and 1,100 shares of the preferred stock at $14 d. Net income for the first year was $55,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31 . Answer is complete but not entirely correct. Required: Prepare the stockholders' equity section of the balance sheet at December 31