King Corporation began operations in January, year 1. The charter authorized the following share capital: Preferred shares: 10 percent, $20 par value, authorized 51,000 shares. Common shares: no par value, authorized 181,500 shares. During year 1, the following transactions occurred in the order given: a. Sold and issued 25,500 common shares to each of the three organizers. Collected $12 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 25 percent of the non-cash payment received applies to the building. b. Sold and issued 7100 preferred shares at $20 per share. Collected the cash and issued the shares immediately c. Sold and issued 3,100 preferred shares at $20 and 3100 common shares at $15 per share. Collected the cash and issued the shares immediately d. The operating results at the end of year 11 were as follows: Revenues Expenses, including income taxes $385.000 212.500 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.) Journal entry worksheet 1 5 Record sale and issue of 76,500 common shares at $12 per share. Journal entry worksheet