King Corporation began operations in January, year $1.$ 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 year $1,$ the following transactions occurred in the order given:

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.

Sold and issued $6,200$ preferred shares at $$20$ per share. Collected the cash and issued the shares immediately.

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.

The operating results at the end of year $1$ were as follows:

Revenues $ $340,000$

Expenses, including income taxes $235,000$

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.$)$

Record sale and issue of $63,000$ common shares at $$10$ per share.

Record sale and issue of $6,200$ preferred shares at $$20$ per share.

Record sale and issue of $2,200$ preferred shares at $$20$ per share and $2,200$ common shares at $$13$ per share.

Record closing entry to transfer revenues and expenses to income summary.

Record closing entry to transfer the profit to Retained earnings.

$2.$ Prepare the shareholders$$ equity section of the statement of financial position for King Corporation at the end of year $1.$