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King Corporation began operations in January 2014. The charter authorized the following capital stock: Preferred stock: 10 percent, $14 par, authorized 41,200 shares Common stock:
King Corporation began operations in January 2014. The charter authorized the following capital stock: |
Preferred stock: 10 percent, $14 par, authorized 41,200 shares |
Common stock: $9 par, authorized 85,500 shares |
During 2014, the following transactions occurred in the order given: |
a. | Issued 23,500 shares of common stock to each of the three organizers and collected $13 cash per share from each of them. |
b. | Sold 8,700 shares of the preferred stock at $24 per share. |
c. | Sold 2,400 shares of the preferred stock at $24 and 2,600 shares of common stock at $14 per share. |
Required: |
Prepare the journal entries indicated for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
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