King Corporation began operations in January 2015. The charter authorized the following share capital: Preferred shares:12 percent, exist24 par value, authorized 74, 000 shares. Common shares:no par value, authorized 165, 000 shares. During 2015, the following transactions occurred in the order given: a. Issued 37, 000 common shares to each of the three organizers. Collected exist11 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 9, 400 preferred shares at exist24 per share. Collected the cash and issued the shares immediately. c. Sold 5, 400 preferred shares at exist24 and 5, 400 common shares at exist14 per share. Collected the cash and issued the shares immediately. d. The operating results at the end of 2015 were as follows: Required: 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.)