King Corporation began operations in January 2018. The charter authorized the following share capital:

Preferred shares: 9 percent, $24 par value, authorized 47,000 shares.

Common shares: no par value, authorized 177,000 shares.

During 2018, the following transactions occurred in the order given:

a.	Sold and issued 23,500 common shares to each of the three organizers. Collected $9 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 6,700 preferred shares at $24 per share. Collected the cash and issued the shares immediately.
c.	Sold and issued 2,700 preferred shares at $24 and 2,700 common shares at $12 per share. Collected the cash and issued the shares immediately.
d.	The operating results at the end of 2018 were as follows:

Revenues	$	365,000
Expenses, including income taxes		222,500

King Corporation began operations in January 2018. The charter authorized the following share capital: Preferred shares: 9 percent, $24 par value, authorized 47,000 shares Common shares: no par value, authorized 177,000 shares. During 2018, the following transactions occurred in the order given: a. Sold and issued 23,500 common shares to each of the three organizers. Collected $9 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 6,700 preferred shares at $24 per share. Collected the cash and issued the shares c. Sold and issued 2,700 preferred shares at $24 and 2,700 common shares at $12 per share. Collected d. The operating results at the end of 2018 were as follows: mmediately the cash and issued the shares immediately Revenues Expenses, including income taxes $ 365,000 222,500 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.)