North Wind AvIation recelved Its charter during January authorizing the following capltal 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: a. Issued a total of 41,000 shares of the common stock for $16 per share. b. Issued 11,000 shares of the preferred stock at $17 per share. c. Issued 3,100 shares of the common stock at $21 per share and 1,100 shares of the preferred stock at $17. d. Net Income for the first year was $49,000, but no dividends were declared. Requlred: Prepare the stockholders' equity section of the balance sheet at December 31