King Corporation began operations in January 2014. The charter authorized the following capital stock:
Preferred stock: 10 percent, $14 par, authorized 41,200 shares
Common stock: $9 par, authorized 85,500 shares
During 2014, the following transactions occurred in the order given:
a.Issued 23,500 shares of common stock to each of the three organizers and collected $13 cash per share from each of them.
b. Sold 8,700 shares of the preferred stock at $24 per share.
c. Sold 2,400 shares of the preferred stock at $24 and 2,600 shares of common stock at $14 per share.
Required:
Prepare the journal entries indicated for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)