P11-3 (Algo) Recording Transactions Affecting Stockholders' Equity LO 11-01, 11-3, 11-8 King Corporation began operations in January of the current year. The charter authorized the following stock Preferred stock 10 percent, $13 par value. 40,600 shares authorized Common stock $8 par value. 86,300 shares authorized During the current year, the following transactions occurred in the order given: a.issued 23,000 shares of common stock for $12 per share b. Sold 7.900 shares of the preferred stock at $23 per share c Sold 1200 shares of the preferred stock at $23 per share and 1,800 shares of common stock at $13 per share Required: Provide the journal entries required to record each of the transactions in (a) through (c) (if no entry is required for a transaction/event, select "No journal entry required" in the first occount field.) View transaction list Journal entry worksheet Issued 23,000 shares of common stock for $12 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general Journal Journal entry worksheet 3 3 Sold 7,900 shares of the preferred stock for $23 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit b Record entry Clear entry View aanserat journal View general journal Journal entry worksheet 2 3 Sold 1,200 shares of the preferred stock for $23 per share and 1,800 shares of common stock for $13 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit C Record entry Clear entry View general Journal