Norwest Aviation received its charter during January 2017. The charter authorized the following shares: O Preferred shares: 8 percent, no-par value, authorized 20,000 shares Common shares: no-par value, authorized 50,000 shares During 2017, the following transactions occurred in the order given: a Issued a total of 40,000 common shares to the company's founders for $11 per share b. Issued 5,000 preferred shares at $18 per share d. Net income for the first year was $48,000 Required: 5732 C Issued 3,000 common shares at $14 per share and 1,000 preferred shares at $28 Prepare the shareholders' equity section of the balance sheet at December 31, 2017 Shareholders' Equity-December 31, 2017 Contributed Capital Common shares Preferred shares Additional paid-in capital Total contributed capital Retained earnings Total shareholders' equitv