North Wind Aviation received its charter during January 2010. The charter authorized the following capital stock:

During 2010, the following transactions occurred in the order given:

a. Issued a total of 40,000 shares of the common stock to the company's founders for \(\$ 11\) per share.

b. Issued 5,000 shares of the preferred stock at \(\$ 18\) per share.

c. Issued 3,000 shares of the common stock at \(\$ 14\) per share and 1,000 shares of the preferred stock at \(\$ 28\).

d. Net income for the first year was \(\$ 48,000\).
Required:
Prepare the stockholders' equity section of the balance sheet at December 31, 2010.

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Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $7, authorized 50,000 shares.