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 $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: Issued a total of 42,000 shares of the common stock for $17 per share. Issued 12,000 shares of the preferred stock at $18 per share. Issued 3,200 shares of the common stock at $22 per share and 1,200 shares of the preferred stock at $18. Net income for the first year was $50,000, but no dividends were declared. Required: Prepare the stockholders’ equity section of the balance sheet at December 31.