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Business, 02.07.2020 01:01 20emmanuelg1030

On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 57,000 shares of no-par common stock and 42,000 shares of preferred stock, $19 par value. The corporation was organized by four individuals who purchased a total of 36,000 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 9,000 shares of common stock to each of them. b. Sold 10,000 shares of common stock to an outsider at $76 cash per share. c. Sold 11,000 shares of preferred stock at $57 cash per share.

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