1. Prepare the journal entries to record each of these transactions and to close the accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 Record sale and issue of 7,600 preferred shares at $24 per share. Note: Enter debits before credits. Transaction b. Cash Preferred shares General Journal Debit Credit View general journal Record entry Clear entry > 1. Prepare the journal entries to record each of these transactions and to close the accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record closing entry to transfer the profit to Retained earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit d-2. Income summary Retained earnings View general journal Record entry Clear entry > 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. Share capital: KING CORPORATION Shareholders' Equity As at End of Year 1 Total shareholders' equity $ 0 1. Prepare the journal entries to record each of these transactions and to close the accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record sale and issue of 3,600 preferred shares at $24 per share and 3,600 common shares at $15 per share. Note: Enter debits before credits. Transaction C. Cash Preferred shares General Journal Debit Credit View general journal Record entry Clear entry P10-2 (Algo) Preparing the Shareholders' Equity Section after Selected Transactions LO10-3, 10- 7, 10-8 King Corporation began operations in January, year 1. The charter authorized the following share capital: Preferred shares: 7 percent, $24 par value, authorized 56,000 shares Common shares: no par value, authorized 225,000 shares During year 1, the following transactions occurred in the order given: a. Sold and issued 28,000 common shares to each of the three organizers. Collected $12 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 25 percent of the non-cash payment received applies to the building. b. Sold and issued 7,600 preferred shares at $24 per share. Collected the cash and issued the shares immediately. c. Sold and issued 3,600 preferred shares at $24 and 3,600 common shares at $15 per share. Collected the cash and issued the shares immediately. d. The operating results at the end of year 1 were as follows: Revenues Expenses, including income taxes $410,000 200,000 Required: 1. Prepare the journal entries to record each of these transactions and to close the accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record sale and issue of 84,000 common shares at $12 per share. Note: Enter debits before credits. Transaction a. Cash Land Building Common shares General Journal Debit Credit S 1. Prepare the journal entries to record each of these transactions and to close the accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record closing entry to transfer revenues and expenses to income summary. Note: Enter debits before credits. Transaction d-1. Revenues Expenses General Journal Debit Credit View general journal Record entry Clear entry >