P11-2 Recording Transactions Affecting Shareholders' Equity LO11-3, 11-7, 11-8 King Corporation began operations in January, year 1. The charter authorized the following share capital: Preferred shares: 9 percent, $24 par value, authorized 47,000 shares. Common shares: no par value, authorized 177,000 shares. During year 1 , the following transactions occurred in the order given: a. Sold and issued 23,500 common shares to each of the three organizers. Collected $9 cash per share from fwo of the organizers. and received a plot of tand 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 recelved applies to the boliding. b. Sold and issued 6.700 preferred shares at $24 per share. Collected the cash and ssued the shares immedistely. c. Sold and issued 2,700 preferred shares at 524 and 2,700 common shares at 512 per share. Collected the cash and issued the: shares immediately. d. The operating results at the end of year 11 were os follows: Required: 1. Prepare the journal entries to record eoch of these transoctions and to close the account: if no cittry is regulied for af transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 5 feoord saie and issue of 70,500 common shares at $9 per share. Neter Rnter belite yaror h eresex. Record sale and issue of 70,500 common shares at $9 per share. Note: Enter debits before credits. 2. This part of the question is not part of your Connect assignment. 3. Prepare the shareholders' equity section of the statement of financial position for King Corporation at the end of year 1