On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 52,000 shares of no-par common stock and 23,000 shares of preferred stock, par value $10. The corporation was organized by four individuals who purchased a total of 20,000 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 $20 cash per share from the four organizers and issued 5,000 shares of common stock to each of them. b.Sold 6,000 shares of common stock to an outsider at $40 cash per share. c.Sold 7,000 shares of preferred stock at $30 cash per share. Required: 1. Prepare the journal entries indicated for each of these transactions.