journal entrys

1.record sale and issue 64,500 common shares at $11 per share

2. record sale and issue 6300 common shares at $25 per share

3. record sales and issue 2300 perferred shares at $25 per share and 2300 common shares at $14 per share

4. record closing entry to transfer revenue and expenses to income summury

5. record closing entry to trasnfer the profit to retained earnings

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: 6 percent $25 par value, authorized 43,000 shares Common shares: no par value, authorized 103,000 shares During year 1, the following transactions occurred in the order given ook int a Sold and issued 21500 common shares to each of the three organizers. Collected S11 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 20 percent of the non-cash payment received applies to the building b. Sold and issued 6.300 preferred shares at 525 per share. Collected the cash and issued the shares immediately. c. Sold and issued 2,300 preferred shares at $25 and 2.300 common shares at 514 per share. Collected the cash and issued the shores immediately d. The operating results at the end of year 11 were as follows: Fences Revenues Expenses, including income taxes $ 345,000 232.500 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 Record sale and issue of 64,500 common shares at $11 per share that the debts before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 3. Prepare the shareholders' equity section of the statement of financial position for King Corporation at the end of year 1. KING CORPORATION Shareholders' Equity As at End of Year 1 Share capital Total shareholders equity