Dancing Blizzard Inc. started their company in 2023. 100,000 common shares and 80, 000 preferred shares were authorized at that time. The following transactions occurred in 2023:a) Collected $40 per share cash from two of the organizers and received a large plot of land from the third organizer. Sold and issued 6,500 common shares to each of the three organizers and received title to the land. All three organizers feel they have equally contributed to the company.b) Sold and issued 10,000 common shares to outside investors for $55 cash per share.c) Sold and issued 25,000 preferred shares at $85 cash per share.Required (11 marks):a) Record the journal entries for the transactions in 2023.b) Is it ethical to sell shares to outsiders at a higher price than the amount paid by the organizers?Why or why not?c) Why would an investor prefer to own preferred shares in comparison to common shares?