ASL Ltd. obtained a charter at the start of the year that authorized 80,000 shares of $1 par value common stock and 30,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred: Collected $30 cash per share for issued 15,000 shares of common stock Issued 5,000 shares of common stock to an outside investor at $35 cash per share. Issued 3,000 shares of preferred stock at $25 cash per share. Required: Give the journal entries indicated for each of these transactions. Prepare the stockholders equity section of the balance sheet at December 31. At the end of the year, the accounts reflected net income of $40,000. No dividends were declared