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 $$43$ cash per share from four individuals and issued $5,300$ shares of common stock to each.

b$.$ Issued $6,300$ shares of common stock to an outside investor at $$43$ cash per share.

c$.$ Issued $8,300$ shares of preferred stock at $$23$ cash per share.

Required:

Prepare 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 $$39,000.$ No dividends were declared.

Complete this question by entering your answers in the tabs below.

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.$)$

Journal entry worksheet

Record the issuance to four individuals of $5,300$ shares each of common stock

with no par value for a price of $$43$ per share.

Note: Enter debits before credits.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:

Collected $$43$ cash per share from four individuals and issued $5,300$ shares of common stock to each.

Issued $6,300$ shares of common stock to an outside investor at $$43$ cash per share.

Issued $8,300$ shares of preferred stock at $$23$ cash per share.

Required:

Prepare the journal entries indicated for each of these transactions.

Prepare the stockholders$$ equity section of the balance sheet at December $31.$ At the end of the year, the accounts reflected net income of $$39,000.$ No dividends were declared.