required: prepare other journal entries for each of these transactions.

On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 63,000 shares of no-par common stock and 26.000 shares of preferred stock. $14 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. Issued 3,000 shares of common stock to each of the four organizers for $28 cash per share. b. Sold 4,000 shares of common stock to an outside investor at $56 cash per share. c. Sold 5,000 shares of preferred stock to an outside investor at $42 cash per share. Required: 1. Prepare the journal entries for each of these transactions. 2. Is it ethical to sell stock to outsiders at a higher price than the amount paid by the organizers? Complete this question by entering your answers in the tabs below. Prepare the journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the firat account field. Journal entry worksheet Issued 3,000 shares of common stock to each of the four organizers for $28 cash per share. Notel Entendebita before credits