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 39,000 shares of the common stock for $16 per share.

B)Issued 12,000 shares of the preferred stock at $17 per share.

C) Issued 2,900 shares of the common stock at $21 per share and 1,200 shares of the preferred stock at $17.

D) Net income for the first year was $47,000, 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
Total Contributed Capital
Retained Earnings
Total Stockholders Equity