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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 $43 cash per share from four individuals and issued 5,300 shares of common stock to each. b. Issued 6,300 shares of common stock to an outside Investor at $43 cash per share. c.Issued 8,300 shares of preferred stock at $23 cash per share. ded 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 reflected net income of $39,000. No dividends were declared. Complete this question by entering your answers in the tabs below. Required: Required 2 Prepare the journal entries indicated for each of these transactions entry required for a transaction/event, select "No Journal Entry Required in the first account field.) No Transaction General Journal Credit Debat 227.900 Cash Common Stock BO 227,000 2 5 270,900 Cash Common Stock 0.0 270,000 100.000 Cash Preferred Stock Additional Paid In Capital Preferred Stock O 83.000 107.000 MacBook Air Uur previous attempt 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 $43 cash per share from four individuals and issued 5,300 shares of common stock to each. b. Issued 6,300 shares of common stock to an outside Investor at $43 cash per share. C. Issued 8,300 shares of preferred stock at $23 cash per share, arded 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 reflected net income of $39,000. No dividends were declared. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' equity section of the balance sheet at December 31. At the end of the year, the accounts reflected net income of $39,000. No dividends were declared. AVA SCHOOL Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Common Stock Preferred Stock Additional Paid-In Capital, Preferred Stock $ 498,800 83,000 107.900 689,700 Total Contributed Capital