P11-3 (Algo) Recording Transactions Affecting Stockholders' Equity LO 11-1, 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, 41,700 shares authorized Common stock: $7 par value, 86,600 shares authorized During the current year, the following transactions occurred in the order given: a. Sold 23,600 shares of common stock for $11 per share. b. Sold 7,400 shares of the preferred stock for $22 per share. c. Sold 1,300 shares of the preferred stock for $22 per share and 3,200 shares of common stock for $12 per share. Required: Provide the journal entries required to record each of the transactions in (a) through (c). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required: Provide the journal entries required to record each of the transactions in (a) through (c). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Issued 23,600 shares of common stock for $11 per share. Note: Enter debits before credits