King Corporation began operations in January, year 1. The charter authorized the following share capital: Preferred shares: 6 percent, $30 par value, authorized 50,000 shares. Common shares: no par value, authorized 180,500 shares. During year 1, the following transactions occurred in the order given: a. Sold and issued 25,000 common shares to each of the three organizers. Collected $11 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. b. Sold and issued 7,000 preferred shares at $30 per share. Collected the cash and issued the shares immediately. c. Sold and issued 3,000 preferred shares at $30 and 3,000 common shares at $14 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 $ 380,000 215,000 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.) View transaction list :X: > Record sale and issue of 75,000 common shares at $11 per share. 2 Record sale and issue of 7,000 preferred shares at $30 per share. 3 Record sale and issue of 3,000 preferred shares at $30 per share and 3,000 common shares at $14 per share. Credit 4 Record closing entry to transfer revenues and expenses to income summary. 5 Record closing entry to transfer the profit to Retained earnings. Note : = journal entry has been entered Record entry Clear entry View general Journal