1 10 P11-2 Recording Transactions Affecting Shareholders' Equity LO11-3, 11-7, 11-8 King Corporation began operations in January, year 1. The charter authorized the following share capitat: Preferred shares: 8 percent. $22 per value, authorized 48.000 shares Common shares: no par value, authorized 178,500 shares. During year, the following transactions occurred in the order given 00 a. Sold and issued 24,000 common shares to each of the three organizers Collected $8 cash per share from two of the organizers and received a plot of Innd with a small building on it in full payment for the shares of the third organizer and issued the shares immediately. Assume that 20 percent of the non-cash payment received applies to the building b. Sold and issued 6,800 preferred shares at $22 per share. Collected the cash and issued the shares immediately c. Sold and issued 2.800 preferred shares at $22 and 2.800 common shares at $11 per share. Collected the cash and issued the shares immediately d. The operating results at the end of year 11 were as follows: Prim Reference Nevenues Expenses, including income taxes $30,000 220,000 2. This part of the question is not part of your Connect assignment 3. Prepare the shareholders' equity section of the statement of financial position for King Corporation at the end of year 1. KING CORPORATION Shareholders' Equity At End of Year 1 Share Total harity