North Wind Avlaton 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 50,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 36,000 shares of the common stock for $19 per share. b. Issued 12,000 shares of the preferred stock at $20 per share. c. Issued 2600 shares of the common stock at $24 per share and 1,200 shares of the preferred stock at $20. d. Net Income for the first year was $44,000, but no dlvidends were declared. Required: Prepare the stockholders" equity section of the balance sheet at December 31