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Assignment 10 - Chapter 11 Seved 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: 8 percent. $22 par value, authorized 48,000 shares Common shares: no par value, authorized 178,500 shares During year 1, the following transactions occurred in the order given: a. Sold and issued 24,000 common shares to each of the three organizers Collected $8 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 20 percent of the non-cash payment received applies to the building b. Sold and issued 6,800 preferred shares at $22 per share. Collected the cash and issued the shares immediately c. Sold and issued 2,800 preferred shares at $22 and 2,800 common shares at $11 per share. Collected the cash and issued the shares immediately d. The operating results at the end of year 11 were as follows . Revenues Expenses, including income taxes $370,000 220,000 Required: 1. Prepare the Journal entries to record each of these transactions and to close the accounts. It no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transactionist Journal entry worksheet