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 11 percent. 525 par value, authorized 52,000 shares Common shares no par value, authorized 182,500 shares During year the following sensactions occurred in the order given a. Sold and issued 26,000 common shares so each of the three organizers Colected $9 cash per share from two of me organizers and received a plot of land wen a smal bulding 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 Soid and is 7-200 preferred shares at $25 per share Collected the cash and issued the shares immediate soletered shares at $25 and 3.200 common shares at $12 per share Collected the cash and issued shares) d. The operating tests at the end of year were as follows Required Presere the journees to record each of these transactions and to close the accounts if no entry le required for a transaction event, etete jesinal entry required in the first account field)