On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 72,000 shares of no-par common stock and 29,000 shares of preferred stock, $19 par value. The corporation was organized by four individuals who purchased a total of 28,000 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 $38 cash per share from the four organizers and issued 7,000 shares of common stock to each of them. b. Sold 8,000 shares of common stock to an outsider at $76 cash per share. c. Sold 9,000 shares of preferred stock at $57 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.)