1,2,3

King Corporation began operations in January of the current year. The charter authorized the following stock: Preferred stock: 10 percent. $10 par value, 40,600 shares authorized Common stock: $5 par value, 85,500 shares authorized During the current year, the following transactions occurred in the order given: a. Issued 23,700 shares of common stock for $9 per share. b. Sold 7,100 shares of the preferred stock at $20 per share, c. Sold 2,300 shares of the preferred stock at $20 per share and 1,700 shares of common stock at $10 per share. Required: Provide the journal entries required to record each of the transactions in (a) through (C). (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 Issued 23,700 shares of common stock for $9 per share