North Wind Aviation recelved its charter during January authorizing the following capital stock: Preferred stock: 8 percent, par $18, authorized 28,88 shares Common stock: par $i, authorized 5e,888 shares. The followling transactions occurred during the first year of operations in the order given: a. Issued a total of 34,000 shares of the common stock for $14 per share. b. Issued 11,000 shares of the preferred stock at $15 per share. c. Issued 2400 shares of the common stock at $19 per share and 1,100 shares of the preferred stock at $15. d. Net Income for the first year was $42,000, 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: Common Stock Additional Paid-In Capital, Common Stock Preferred Stock Additional Paid-In Capital, Preferred Stock Total Contributed Capital Retained Earning:s Total Stockholders Equity