On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 53,000 shares of no-par common stock and 33,000 shares of preferred stock, $16 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 $32 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 $64 cash per share. c. Sold 5,000 shares of preferred stock at $48 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.) View transaction list Journal entry worksheet