Check my 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 capital: Preferred shares: 7 percent, $20 par value, authorized 42,000 shares. Common shares: no par value, authorized 102.000 shares. During year 1, the following transactions occurred in the order given: a. Sold and issued 21,000 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 30 percent of the non-cash payment received applies to the building b. Sold and issued 6.200 preferred shares at $20 per share. Collected the cash and issued the shares immediately. c. Sold and issued 2.200 preferred shares at $20 and 2,200 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: