E11-6 Recording and Reporting Stockholders Equity Transactions [LO 11-2, LO 11-4] 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 shares of common stock to 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.)