P10-2 (Algo) Preparing the Shareholders' Equity Section after Selected Transactions L010-3, 10-7, 10-8 King Corporation began operations in January, year 1. The charter authorized the following share capital: Preferred shares: 11 percent, $30 par value, authorized 59,000 shares Common shares: no par value, authorized 195,000 shares During year 1 , the following transactions occurred in the order given: a. Sold and issued 29,500 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 35 percent of the non-cash payment received applies to the building. b. Sold and issued 7,900 preferred shares at $30 per share. Collected the cash and issued the shares immediately. c. Sold and issued 3,900 preferred shares at $30 and 3,900 common shares at $13 per share. Collected the cash and issued the shares immediately. d. The operating results at the end of year 1 were as follows: 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.)