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North Wind Aviation received its charter during January authorizing the following capital sto 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 42,000 shares of the common stock for $17 per share. b. Issued 12,000 shares of the preferred stock at $18 per share. c. Issued 3,200 shares of the common stock at $22 per share and 1,200 shares of the preferred stock at $18. d. Net income for the first year was $50,000, but no dividends were declared. Required: North Wind Aviation received its charter during January authorizing the following capital sto 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 42,000 shares of the common stock for $17 per share. b. Issued 12,000 shares of the preferred stock at $18 per share. c. Issued 3,200 shares of the common stock at $22 per share and 1,200 shares of the preferred stock at $18. d. Net income for the first year was $50,000, but no dividends were declared. Required