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 $31 cash per share from four individuals and issued 4100 shares of common stock to each. b. Issued 5,100 shares of common stock to an outside investor at $31 cash per share. Issued 00 shares of preferred stock at $16 cash per share Requlrec 1. Prepare the journal entries indicated for each of these transactions 2. Prepare the stockholders' equity section of the balance sheet at December 31. At the end of the year, the accounts reflected net income of $27000. No dividends were declared. Complete this question by entering your answers in the tabs below Required 1Required 2 Prepare the journal entries indicated for each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit Cash 508,400 Common Stock 508,400 Cash 158,100 Common Stock 158,100 Cash 113,600 Additional Paid-In Capital, Preferred Stock Additional Paid-In Capital, Common Stock 42,600 71,000 Required 2>