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, $14 par value, 41,500 shares authorized Common stock: $9 par value, 85,700 shares authorized During the current year, the following transactions occurred in the order given: a. Issued 22,200 shares of common stock for $13 per share. b. Sold 9,000 shares of the preferred stock at $24 per share. c. Sold 1,400 shares of the preferred stock at $24 per share and 1,900 shares of common stock at $14 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 account field.) View transaction list Journal entry worksheet 1 2 3 Issued 22,200 shares of common stock for $13 per share.