Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $1, authorized 60,000 shares. The following transactions occurred during the first year of operations in the order given: Issued a total of 47,000 shares of the common stock for $13 per share. Issued 11,000 shares of the preferred stock at $14 per share. Issued 3,700 shares of the common stock at $18 per share and 1,100 shares of the preferred stock at $14. Net income for the first year was $55,000, but no dividends were declared.

Required: Prepare the stockholders equity section of the balance sheet at December 31.

Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $1, authorized 60,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 47,000 shares of the common stock for $13 per share. b. Issued 11,000 shares of the preferred stock at $14 per share. c. Issued 3,700 shares of the common stock at $18 per share and 1,100 shares of the preferred stock at $14. d. Net income for the first year was $55,000, 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 Preferred Stock Additional Paid-In Capital, Common Stock Additional Paid-In Capital, Preferred Stock 0 Total Contributed Capital Retained Earnings Total Stockholders' Equity $ 0