North Wind Aviation received its charter during January authorizing the following capital stock:
The following transactions occurred during the first year of operations in the order given:
a. Issued a total of 34,000 shares of the common stock for $14 per share.
b. Issued 11,000 shares of the preferred stock at $15 per share.
c. Issued 2,400 shares of the common stock at $19 per share and 1,100 shares of the preferred stock at $15.
d. Net income for the first year was $42,000.