E$11-3($Algo$)$ 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 $50,000$ shares.

The following transactions occurred during the first year of operations in the order given:

Issued a total of $44,000$ shares of the common stock for $$19$ per share.

Issued $11,000$ shares of the preferred stock at $$20$ per share.

Issued $3,400$ shares of the common stock at $$24$ per share and $1,100$ shares of the preferred stock at $$20.$

Net income for the first year was $$52,000,$ but no dividends were declared.E$11-3($Algo$)$ 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 $50,000$ shares.

The following transactions occurred during the first year of operations in the order given:

Issued a total of $44,000$ shares of the common stock for $$19$ per share.

Issued $11,000$ shares of the preferred stock at $$20$ per share.

Issued $3,400$ shares of the common stock at $$24$ per share and $1,100$ shares of the preferred stock at $$20.$

Net income for the first year was $$52,000,$ but no dividends were declared.