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Proctoring Enabled: MBA 804 Final Exam Saved 14 On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 59,000 shares of no-par common stock and 36,000 shares of preferred stock, $15 par value. The corporation was organized by four individuals who purchased a total of 16,000 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 4,000 shares of common stock to each of the four organizers for $30 cash per share. 8 02:21:26 b. Sold 5,000 shares of common stock to an outside investor at $60 cash per share. c. Sold 6,000 shares of preferred stock to an outside investor at $45 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. Required 1 Required 2 Is it ethical to sell stock to outsiders at a higher price than the amount paid by the organizers?