North Wind Aviation received its charter during January 2013. The charter authorized the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares.
Common stock: par $1, authorized 50,000 shares.
During 2013, the following transactions occurred in the order given:
a. Issued a total of 45,000 shares of the common stock for $20 per share.
b. Issued 12,000 shares of the preferred stock at $21 per share.
c. Issued 3,500 shares of the common stock at $25 per share and 1,200 shares of the preferred stock at $21.
d. Net income for the first year was $53,000.
Required:
Prepare the stockholders� equity section of the balance sheet at December 31, 2013.