Seved North Wind Aviation received 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 32,000 shares of the common stock for $12 per share. b. Issued 10,000 shares of the preferred stock at $13 per share. c. Issued 2,200 shares of the common stock at $17 per share and 1,000 shares of the preferred stock at $13. d. Net income for the first year was $40,000, 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 Total Contributed Capital Total Stockholders' Equity $ 0