King Corporaton began operations in January, year 1. The charter authorized the following share capital: Heferred shures: 12 percent, $30 par value, aulhoriced b3.000 shares. Common sharcs: no par walue, authorized 183,500 shares. During year 1. the following transactions occurred in the order giver: a. Sold and issued 26,500 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 ful payment for the stares of the third organizer and issued the sitares Immedlately. Assume that 20 percent of the non cash payment recelved applies to the bullding. h. Sold and issued 7,300 preferred shares at $30 per share. Collected the rash and issued the shares immediately. c. Sold and issued 3,300 prefented shares al $30 and 3.300 common shures al $11 per share. Colecled the cash and issued the shares immed ately. d. The operating results at the end of year 11 were as follow5; Required: 1. Prepare the journal entries to record each of these transactions and to close the accounts