Norwest Aviation received its charter during January 2017 The charter authorized the following shares: 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: 1314 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 Total contributed capital