King Corporation began operations in January, year $1.$ The charter authorized the following share capital:

Preferred shares: $5\%,$ $$25$ par value, authorized $40,000$ shares

Common shares: no par value, authorized $100,000$ shares

During year $1,$ the following transactions occurred in the order given:

Sold and issued $20,000$ common shares to each of the three organizers. Collected $$9$ 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 $6,000$ preferred shares at $$25$ per share. Collected the cash and issued the shares immediately.

Sold and issued $2,000$ preferred shares at $$25$ and $2,000$ common shares at $$12$ per share. Collected the cash and issued the shares immediately.

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

Revenues $ $330,000$

Expenses, including income taxes $240,000$ 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$)3.$ Prepare the shareholders$$ equity section of the statement of financial position for King Corporation at the end of year $1.$