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, $12 par value, 40,300 shares authorized Common stock: $7 par value, 86,500 shares authorized During the current year, the following transactions occurred in the order given: a. Issued 22,700 shares of common stock for $11 per share. b. Sold 8,500 shares of the preferred stock at $22 per share. C. Sold 3,000 shares of the preferred stock at $22 per share and 2,300 shares of common stock at $12 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.) Journal entry worksheet 1 2 3 Issued 22,700 shares of common stock for $11 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Journal entry worksheet Sold 3,000 shares of the preferred stock for $22 per share and 2,300 shares of common stock for $12 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal