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