King Corporation began operations in January of the current year. The charter authorized the following stock: Preferred stock: 10 percent, $10 par value, 40,500 shares authorized Common stock: $5 par value, 86,300 shares authorized During the current year, the following transactions occurred in the order given: Sold 23,700 shares of common stock for $9 per share. Sold 7,000 shares of the preferred stock for $20 per share. Sold 1,800 shares of the preferred stock for $20