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 32,000 shares of the common stock for $12 per share. Issued 10,000 shares of the preferred stock at $13 per share. Issued 2,200 shares of the common stock at $17 per share and 1,000 shares of the preferred stock at $13. Net income for the first year was $40,000, but no dividends were declared. Required: Prepare the stockholders’ equity section of the balance sheet at December 31.