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

Preferred stock: 10 percent, $13 par value, 40,400 shares authorized

Common stock: $8 par value, 86,800 shares authorized

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

a. Issued 22,600 shares of common stock for $12 cash per share.

b. Sold 8,000 shares of the preferred stock at $23 cash per share.

c. Sold 2,800 shares of the preferred stock at $23 cash per share and 3,000 shares of common stock at $13 cash per share.

Required:

Provide the journal entries required to record each of the transactions in (a) through (c). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

View transaction list Journal entry worksheet Issued 22,600 shares of common stock for $12 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal View transaction list Journal entry worksheet Sold 8,000 shares of the preferred stock at $23 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet