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

Preferred stock: 10 percent, $11 par value, 41,600 shares authorized

Common stock: $6 par value, 86,600 shares authorized

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

a. Issued 23,700 shares of common stock for $10 cash per share.

b. Sold 7,500 shares of the preferred stock at $21 cash per share.

c. Sold 2,400 shares of the preferred stock at $21 cash per share and 3,300 shares of common stock at $11 cash per share.

Required:

Provide the journal entries required to record each of the transactions in (a) through (c).