Question: 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

North Wind Aviation received its charter during January authorizing the following
capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common

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 $i, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 36,000 shares of the common stock for $19 per share. b. Issued 12,000 shares of the preferred stock at $20 per share. c. Issued 2,600 shares of the common stock at $24 per share and 1,200 shares of the preferred stock at $20. d. Net income for the first year was $44,000, but no dividends were declared. 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 Total Contributed Capital 0 Total Stockholders' Equity $ 0

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