King Corporation began operations in January, year 1 . The charter authorized the following share capital: Preferred shares: 7 percent, $24 par value, authorized 56,000 shares. Common shares: no par value, authorized 225,000 shares. During year 1 , the following transactions occurred in the order given: a. Sold and issued 28,000 common shares to each of the three organizers. Collected $12 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 25 percent of the non-cash payment received applies to the building. b. Sold and issued 7,600 preferred shares at $24 per share. Collected the cash and issued the shares immediately. c. Sold and issued 3,600 preferred shares at $24 and 3,600 common shares at $15 per share. Collected the cash and issued the shares immediately. d. The operating results at the end of year 11 were as follows: Required: Prepare the journal entries to record each of these transactions and to close the accounts.