King Corporation began operations in January of the current year. The charter authorized the following stock:

Preferred stock: 10 percent, $14 par value, 41,200 shares authorized

Common stock: $9 par value, 85,400 shares authorized

During the current year, the following transactions occurred in the order given:

1. Sold 23,900 shares of common stock for $13 per share.
2. Sold 7,200 shares of the preferred stock for $24 per share.
3. Sold 1,300 shares of the preferred stock for $24 per share and 2,100 shares of common stock for $14 per share