$1.$ King Corporation began operations in January, year$1.$ The charter authorized the following share in capital:

a$.$ Preferred shares: $5\%,$ $$25$ par value, authorized $40,000$ shares

b$.$ Common shares: no par value, authorized $100,000$ shares

During year $1,$ the following transactions occurred in the order given:

a$)$ Sold and issued $20,000$ common shares to each of the three organizers. Collected $9$$ cash per share from two of the organizers, and received a plot of land with a small building on it in full payment for the shares of the third organizer and issued the shares immediately. Assume that $30\%$ of the non$-$cash payment received applies to the building.

b$)$ Sold and issued $6,000$ preferred shares at $$25$ per share.

c$)$ Sold and issued $2,000$ preferred shares at $$25$ and $2,000$ common shares at $12$$ per share. Collected the cash and issued the shares immediately.

d$)$ The operating results at the end of year $1$ were as follows:

Revenues $330,000$$

Expenses, including income taxes $240,000$$

$$ Record the sale and issue of $60,000$ common shaes at $9$$ per share.

$$ Record sale and issue of $6,000$ preferred shares at $$25$ per share.

$$ Record sale and issue of $2,000$ preferred shares at $$25$ per share and $2,000$ common shares at $12$$ per share.

$$ Record closing entry to transfer revenues and expenses to income summary.

$$ Record closing entry to transfer the profit to retained earnings.