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2 North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock 8 percent, par $10, authorized 20,000 shares. Common stockt par $i, authorized 50,000 shares. 2 points The following transactions occurred during the first year of operations in the order given: a. 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 1100 shares of the preferred stock at $19. d. Net Income for the first year was $45,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31 Answer is not complete. NORTH WIND AVIATION Balance Sheet (Partial Ar December 31 Stockholders' Equity Contributed Capital Common Stock $ 39.700 2. Required: Prepare the stockholders' equity section of the balance sheet at December 31. 2 points Answer is not complete. NORTH WIND AVIATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Common Stock s 39,700 Preferred Stock 0 % Additional Paid-In Capital, Common Stock 0 >>> Total Contributed Capital Retained Earnings 39,700 0 Total Stockholders' Equity $ 39,700

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