Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred:

a.	Collected $32 cash per share from four individuals and issued 4,200 shares of common stock to each.
b.	Issued 5,200 shares of common stock to an outside investor at $32 cash per share.
c.	Issued 7,200 shares of preferred stock at $17 cash per share.