I NEED HELP WITH PART 2

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 $38 cash per share from four individuals and issued 4,800 shares of common stock to each. b. Issued 5,800 shares of common stock to an outside investor at $38 cash per share. C. Issued 7,800 shares of preferred stock at $22 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 $34,000. No dividends were declared. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries indicated for each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Transaction General Journal Debit Credit 1 Cash 729,600 Common Stock 729,600 2 b Cash 220,400 Common Stock OO OO OOO 220,400 3 Cash 171,600 Preferred Stock 78,000 Additional Paid-In Capital, Preferred Stock 93,600 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 $38 cash per share from four individuals and issued 4,800 shares of common stock to each. b. Issued 5,800 shares of common stock to an outside investor at $38 cash per share. c. Issued 7,800 shares of preferred stock at $22 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 $34,000. No dividends were declared. Answer is not complete. 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 $34,000. No dividends were declared. AVA SCHOOL Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Preferred Stock $ 78,000 Common Stock 93,600 X Additional Paid-In Capital, Preferred Stock Total Contributed Capital Retained Earnings 171,600 34,000 Total Stockholders' Equity $ 205,600