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E11-3 Preparing the Stockholders Equity Section of the Balance Sheet [LO 11-2, LO 11-4 North...

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E11-3 Preparing the Stockholders Equity Section of the Balance Sheet [LO 11-2, LO 11-4 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 60,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 49,000 shares of the common stock for $11 per share. b. Issued 10,000 shares of the preferred stock at $12 per share C. Issued 3,900 shares of the common stock at $16 per share and 1,000 shares of the preferred stock at $12 d. Net income for the first year was $57,000. Required NORTH WIND AVIATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital Total Contributed Capital Total Stockholders' Equity

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