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P11-2 Recording Transactions Affecting Shareholders' Equity LO11-3, 11-7, 11-8 King Corporation began operations in January, year 1. The charter authorized the following share capital: Preferred shares: 10 percent, $30 par value, authorized 44,000 shares. Common shares; no par value, authorized 104,000 shares. During year 1 , the following transactions occurred in the order given: a. Sold and issued 22,000 common shares to each of the three organizers. Collected $12 cash per share from two of the organizers, and received a plot of land with a small building on it in full payment for the shares of the third organizer and issued the shares immediately. Assume that 35 percent of the non-cash poyment received applies to the building. b. Sold and issued 6,400 preferred shares at $30 per share. Collected the cash and issued the shares immediately. c. Sold and issued 2,400 preferred shares at $30 and 2,400 common shares at $15 per share. Collected the cash and issued the shares immediately. d. The operating results at the end of year 11 were as follows: Required: 1. Prepare the journal entries to record each of these transactions and to close the accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Prepare the shareholders' equity section of the statement of financial position for King Corporation at the end of year 1