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: Collected $50 cash per share from four individuals and issued 6,000 shares of common stock to each. Issued 7,000 shares of common stock to an outside investor at $50 cash per share. Issued 9,000 shares of preferred stock at $15 cash per share