Ava School of Learning obtained a charter at the start of the year that authorized 50.000 shares of no-par cornmon stock and 20.000 shates of prelerred stock, par value $10. During the yeor, the following selected transactions occurred: a. Collected $50 cash per share from four individuats and issued 6,000 stares of common stock to each. b. Issued 7.000 shares of common stock to an outside investor of $50 cash per share. c. lssued 9000 shares of pretened stock at \$15 cash per share. Required: 1. Prepare the jouinal entrics indicated tor each of these transactions 2. Prepare the stockholders 'equity section of the balance sheet at December 3t. At the end of the year, the accounts reflected net income of $46,000. No dividends were declared AVA SCHOOL Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Required 1