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Norwest Aviation received its charter during January 2017 The charter authorized the following shares: Preferred...

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Norwest Aviation received its charter during January 2017 The charter authorized the following shares: Preferred shares: 8 percent, no-par value, authorized 20,000 shares Common shares: no-par value, authorized 50,000 shares During 2017, the following transactions occurred in the order given: a. Issued a total of 40,000 common shares to the company's founders for $11 per share b. Issued 5,000 preferred shares at $18 per share c. Issued 3,000 common shares at $14 per share and 1,000 preferred shares at $28 d. Net income for the first year was $48,000 09 Required: Prepare the shareholders' equity section of the balance sheet at December 31, 2017 Shareholders' Equity-December 31, 2017 Contributed Capital Total contributed capital Total shareholders' equity

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