Saved Question 8 (12 points) ACCT-2043 Spring 2020 iiia King Street Inc. was authorized to issue 65,000 $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 $7.50 each for cash. May 3 8,000 preferred shares and 9,000 common shares were issued at $22.00 and $9.00 respectively, for cash October 14 1,600 common shares were issued in exchange for a van with a fair value of $32.000 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)