ok E11-11 (Algo) Recording Stockholders' Equity Transactions LO11-3, 11-8 On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 66,000 shares of no-par common stock and 28,000 shares of preferred stock, $12 par value. The corporation was organized by four individuals who purchased a total of 12,000 shares of the common stock. The remaining shares were to be sold to other individuals. During the year, the following selected transactions occurred: a. Collected $24 cash per share from the four organizers and issued 3,000 shares of common stock to each of them. b. Sold 4,000 shares of common stock to an outsider at $48 cash per share. c. Sold 5,000 shares of preferred stock at $36 cash per share. Required: 1. Prepare the journal entries for each of these transactions, (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ht aces