Question: Help me please! North Wind Aviation received its charter during January 2013. The charter authorized the following capital stock: Preferred stock: 8 percent, par $10,
Help me please!North Wind Aviation received its charter during January 2013. The charter authorized the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $1, authorized 50,000 shares. During 2013, the following transactions occurred in the order given: Issued a total of 37,000 shares of the common stock for $18 per share. b. Issued 11,000 shares of the preferred stock at $19 per share. c. Issued 2,700 shares of the common stock at $23 per share and 1,100 shares of the preferred stock at $19. d. Net income for the first year was 545,000. Required: Prepare the stockholders* equity section of the balance sheet at December 31, 2013
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