South 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:

1. Issued a total of 34,000 shares of the common stock for $14 per share.
2. Issued 11,000 shares of the preferred stock at $15 per share.
3. Issued 2,400 shares of the common stock at $19 per share and 1,100 shares of the preferred stock at $15.
4. Net income for the first year was $42,000, but no dividends were declared.

Required:

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