The following transactions occurred during the first year of operations in the order given a. Issued a total of 40,000 shares of the common stock for $15 per share. b. Issued 10,000 shares of the preferred stock at $16 per share. c Issued 3,000 shares of the common stock at $20 per share and 1,000 shares of the preferred stock at $16. d. Net income for the first year was $48,000, 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 0 Total Stockholders' Equity $ ol