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DP edited E11-6(Algo) Recording and Reporting Stockholders' Equity Transactions [LO 11-2, LO 11-4] ...

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Accounting

DP edited E11-6(Algo) Recording and Reporting Stockholders' Equity Transactions [LO 11-2, LO 11-4]
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 $39 cash per share from four individuals and issued 4,900 shares of common stock to each.
Issued 5,900 shares of common stock to an outside investor at $39 cash per share.
Issued 7,900 shares of preferred stock at $21 cash per share.
Required:
Prepare the journal entries indicated for each of these transactions.

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