King Corporation began operations in January 2018. 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 2018, 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 2018 were as follows: Revenues Expenses, including income taxes $ 340,000 235,000 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 View journal entry worksheet No Transaction General Journal Debit Credit 1 a. Cash Land Building Common shares 2 b. Cash Preferred shares 3 C. Cash Preferred shares Common shares 4 d-1 Revenues Expenses Income summary 5 d-2. Income summary Retained earnings