Question 8 (12 points) King Street Inc. was authorized to issue 66,000 $5.50 non-cumulative preferred shares and an unlimited number of common shares. The company's fiscal year end is December 31. During 2019, their first year of operations, the following selected transactions occurred: January 3 Issued 11,000 common shares at $7.75 each for cash. May 3 9,000 preferred shares and 8,000 common shares were issued at $22.00 and $9.00 respectively, for cash. 1,600 preferred shares were issued in exchange for a van with a fair value of $23,000. October 14 December 15 The company declared the required cash dividend on the preferred shares and a $2 per common share cash dividend payable on January 30, 2020 to the shareholders of record of January 20, 2020. Required: Prepare journal entries to record the above 2019 transactions. (12 marks)