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 $39 cash per share from four individuals and issued 4,900 shares of common stock to each. b. Issued 5,900 shares of common stock to an outside investor at $39 cash per share. c. Issued 7,900 shares of preferred stock at $21 cash per share.