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 $47 cash per share from four individuals and issued 5,700 shares of common stock to each. b. Issued 6,700 shares of common stock to an outside investor at $47 cash per share. c. Issued 8,700 shares of preferred stock at $18 cash per share. Prepare the stockholders equity section of the balance sheet at December 31. At the end of the year, the accounts reflected net income of $43,000. No dividends were declared.