Chapter 11 Homework Save Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 2 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 10 paints Common stock: $5 per value, 85,000 shares authorized During the current year, the following transections occurred in the order given: a. Sold 66,000 shares of common stock for $9 per share. b. Sold 9,000 shares of the preferred stock for $20 per share. c. Sold 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). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Mc Graw Hill Answer is not complete. No Transaction 1 a. Cash Common stock General Joumal Debit Credit 594,000 Additional paid-in capital, common stock 330,000 254,000 2 b. Cash Preferred stock 180,000x 90,000 < Prev 2 of 10 Next > Help Save & Exit Submit Return to question