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 $50 cash per share from four individuals and issued 6,000 shares of common stock to each. b. Issued 7,000 shares of common stock to an outside investor at $50 cash per share. c. Issued 9,000 shares of preferred stock at $15 cash per share. Required: 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.) Record the issuance to four individuals of 6,000 shares each of common stock with no par value for a price of $50 per share. Record the issuance to an outside investor of 7,000 stock shares of common stock with no par value for a price of $50 per share. Record the issuance of 9,000 shares of preferred stock with a par value $10 for a price of $15 per share