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North Wind Aviation received its charter during January authorizing the following capital stock:
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| Preferred stock: 8 percent, par $10, authorized 20,000 shares. |
| Common stock: par $1, authorized 60,000 shares. |
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The following transactions occurred during the first year of operations in the order given:
- Issued a total of 49,000 shares of the common stock for $11 per share.
- Issued 10,000 shares of the preferred stock at $12 per share.
- Issued 3,900 shares of the common stock at $16 per share and 1,000 shares of the preferred stock at $12.
- Net income for the first year was $57,000, but no dividends were declared.
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