Question: North Wind Aviation received its charter during Jonuary 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 Jonuary authorizing the following

North Wind Aviation received its charter during Jonuary 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: a. Is swed a total of 43,000 shares of the common stock for $18 per share. b. Issued 10,000 shares of the preferred stock at $19 per share. c. Issued 3,300 shares of the common stock at $23 per share and 1,000 shares of the preferred stock at $19. d. Net income for the first year was $51,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31. (Helpful tool: Record Journal Entries for each (A-D) transaction before attempting to complete the balance sheet bolow)

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