P11-3 Recording Transactions Affecting Stockholders' Equity L011-1, 11-3, 11-8 King Corporation began operations in January of the current year. The charter authorized the following stock: - Preferred stock: 10 percent, $10 par value, 40,000 shares authorized - Common stock: $5 par value, 85,000 shares authorized During the current year, the following transactions occurred in the order given: a. Issued 66,000 shares of common stock for $9 per share. b. Issued 9,000 shares of the preferred stock for $20 per share. c. Issued 1,000 shares of the preferred stock for $20 per share and 2,500 shares of common stock for $10 per share. Required: Provide the journal entries required to record each of the transactions in (a) through (c)