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 $49 cash per share from four individuals and issued 5,900 s shares of common stock each. b. Issued 6,900 shares of common stock to an outside investor at $49 cash per share. c. Issued 8,900 shares of preferred stock at $16 cash per share. Required: 1. 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 an outside investor of 6,900 shares of common stock with no par value for a price of $49 per share. Record the issuance of 8,900 shares of preferred stock with a par value $10 for a price of $16 per share