15. 017 value: oints E11-3 Preparing the Stockholders Equity Section of the Balance Sheet [LO 11-2, LO 11-4] 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 60,000 shares. The following transactions occurred during the first year of operations in the order given a. Issued a total of 50,000 shares of the common stock for $10 per share. b. Issued 11,000 shares of the preferred stock at $11 per share. c. Issued 4,000 shares of the common stock at $15 per share and 1,100 shares of the preferred stock at $11. d. Net income for the first year was $58,000 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 Total Contributed Capital Retained Earnings Total Stockholders' Equity