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 King Corporation began operations in January, year 1. The charter authorized the following share capital: Preferred shares: 9 percent, $28 par value, authorized 54,000 shares. Common shares: no par value, authorized 184,500 shares. During year 1, the following transactions occurred in the order given: a. Sold and issued 27,000 common shares to each of the three organizers. Collected $10 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 35 percent of the non-cash payment received applies to the building. b. Sold and issued 7,400 preferred shares at $28 per share. Collected the cash and issued the shares immediately. c. Sold and issued 3,400 preferred shares at $28 and 3,400 common shares at $13 per share. Collected the cash and issued the shares immediately. d. The operating results at the end of year 11 were as follows: Revenues Expenses, including income taxes $ 400,000 205,000 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 View transaction list Journal entry worksheet 2 3 4 5 Record sale and issue of 81,000 common shares at $10 per share. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record sale and issue of 7,400 preferred shares at $28 per share. Note: Enter debits before credits. Transaction b. General Journal Debit Credit View general journal Record entry Clear entry This nort of the question in not naut of unur Cannot accianmant > View transaction list Journal entry worksheet < 1 2 3 4 5 Record sale and issue of 3,400 preferred shares at $28 per share and 3,400 common shares at $13 per share. Note: Enter debits before credits. Transaction C. General Journal Debit Credit Record entry Clear entry View general journal 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. General Journal Debit Credit View general journal Record entry Clear entry This nort of the question in not naut of unur Cannot accianmant > Journal entry worksheet < 1 2 3 4 5 Record closing entry to transfer the profit to Retained earnings. Note: Enter debits before credits. Transaction d-2. General Journal Debit Credit View general journal Record entry Clear entry This nort of the question in not naut of unur Cannot accianmant >