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: 8 percent, $22 par value, authorized 48,000 shares. Common shares: no par value, authorized 178,500 shares. During year 1, the following transactions occurred in the order given: a. Soid and Issued 24,000 common shares to each of the three organizers. Collected S8 cash per ahare, 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 thlid organizer and issued the shares immediately. Assume that 20 percent of the non-cash poyment recelved applies to the building. b. Sold and issued 6,800 preferred shares at $22 per share, Collected the cash and issued the shares limmediately. c. Sold and issued 2.800 preferred shares at $22 and 2.800 common shares at $11 per share. Collected the cash and issued the shares immediately. d. The operating results at the end of year 11 wereas follows: Required: 1. Prepare the journat entries to record such of these transactions and to close the accounts. 0if no entry is required fer a transactionfeventi select "Nojournal entry required" In the first account fleid.) Journal entry worksheet 234 Record sale and issue of 72,000 common shares at 58 per share. Nipterifust depits beforis 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 Required: 1. Prepare the journal entries to fecord each of these transactions and to close the accounts. (if no entry is required transaction/event, select "No journal entry required" in the first account fieid.) Journal entry worksheet 5 Record sale and issue of 6,800 preferred shares at $22 per share. Wote : Enter debite before oredits. Required: 1. Prepare the journal entries to record each of these transactions and to close the accounts. (li no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 6 Record saie and issue of 2,800 preferred shares at $22 per share and 2,800 common shares at $11 per share. Note Eniter debits berlone oroide. 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 fieid.) Journal entry worksheet