{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-07T21:19:50-04:00", "answer_date": "2024-06-07 21:19:50", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2441189", "url": "\/study-help\/questions\/2-8-on-line-learning-corporation-obtained-a-charter-2441189", "question_creation_date_js": "2024-06-07T21:19:50-04:00", "question_creation_date": "Jun 07, 2024 09:19 PM", "meta_title": "[Solved] 2 8 On - Line Learning Corporation obtain | SolutionInn", "meta_description": "Answer of - 2 8 On - Line Learning Corporation obtained a charter at the beginning of this year that authorized 6 6 , 0 0 0 shares | SolutionInn", "meta_keywords": "2,8,-,line,learning,corporation,obtained,charter,beginning,year,authorized,6", "question_title_h1": "2 8 On - Line Learning Corporation obtained a charter at the beginning of this year that authorized 6 6 , 0 0 0 shares", "question_title": "2 8 On - Line Learning Corporation obtained a charter at the", "question_title_for_js_snippet": "2 8 On Line Learning Corporation obtained a charter at the beginning of this year that authorized 6 6 , 0 0 0 shares of no par common stock and 2 7 , 0 0 0 shares of preferred stock, $ 1 7 par value The corporation was organized by four individuals who purchased a total of 1 6 , 0 0 0 shares of the common stock The remaining shares were to be sold to other individuals During the year, the following selected transactions occurred a Issued 4 , 0 0 0 shares of common stock to each of the four organizers for $ 3 4 cash per share b Sold 5 , 0 0 0 shares of common stock to an outside investor at $ 6 8 cash per share c Sold 6 , 0 0 0 shares of preferred stock to an outside investor at $ 5 1 cash per share Requlred Prepare the journal entries for each of these transactions Is it ethical to sell stock to outsiders at a higher price than the amount pald by the organizers Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare the journal entries for each of these transactions Note If no entry is required for a transaction event , select No journal entry required in the first account field Show less View transaction list View journal entry worksheet table , No , Transaction,General J , Debit,Credit , 0 , 1 , a , Cash, 5 4 4 , 0 0 0 , if , , , Common stock, no par,, 2 7 2 , 0 0 0 , , , Preferred stock,, 2 7 2 , 0 0 0 , , 2 , b , Cash, 3 4 0 , 0 0 0 , , , , , Common stock, no par,, 1 8 0 , 0 0 0 ", "question_description": "