Pleae help, retained earnings is messing me up.

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 $40 cash per share from four individuals and issued 5,000 shares of common stock to each b.Issued 6,000 shares of common stock to an outside Investor at $40 cash per share. c Issued 8,000 shares of preferred stock at $20 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 reflected net income of $36,000. No dividends were declared. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Requided 2 Prepare the stockholde Required 2 of the balance sheet ot December 31. At the end of the year, the accounts reflecti net income of $36,000. were declared, AVA SCHOOL Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital Common Stock $ 1,040,000 Preferred Stock 80.000 Additional Paid in Capital Preferred Stock 80,000 000 O Total Contributed Capital Retained Eamings 1.200.000 0 2 Total Stockholders Equity S 1.200.000