North Wind Aviation received its charter during January 2013

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 36,000 shares of the common stock for $19 per share.b.Issued 12,000 shares of the preferred stock at $20 per share.c.Issued 2,600 shares of the common stock at $24 per share and 1,200 shares of the preferred stock at $20.d.Net income for the first year was $44,000.Required:Prepare the stockholders’ equity section of the balance sheet at December 31, 2013. 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