1.Ava School of Learning obtained a charter at the start of 2010 that authorized 43,000 shares of no-par common stock and 24,500 shares of preferred stock, par value $8. During 2010, the following selected transactions occurred: Prepare Journal entries for each
a. Collected $44 cash per share from four individuals and issued 3,500 shares of common stock to each.
b. Issued 6,000 shares of common stock to an outside investor at $44 cash per share.
c. Issued 8,000 shares of preferred stock at $20 cash per share.
Prepare journal entries for each of the transactions.