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 $45 cash per share from four individuals and issued 5,500 shares of common stock to each. b. Issued 6,500 shares of common stock to an outside investor at $45 cash per share. c. Issued 8,500 shares of preferred stock at $25 cash per share. Required: 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 refiected net income of $41,000. 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 fleld.) Journal entry worksheet Record the issuance to four individuals of 5,500 shares each of common stock