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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 43,000 shares of the common stock for $18 per share. b. Issued 10.000 shares of the preferred stock at $19 per share. c. Issued 3,300 shares of the common stock at $23 per share and 1,000 shares of the preferred stock at $19. d. Net income for the first year was $51,000, 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 $ 50.000 Common Stock v Total Contributed Capital 50,000 Total Stockholders' Equity $ 50.000 Prey 1 of 20 Next >