Business, 14.05.2021 21:30, bryan519688

Recording Transactions Affecting Stockholders’ Equity King Corporation began operations in January of the current year. The charter authorized the following stock:

Preferred stock: 10 percent, $13 par value, 40,000 shares authorized
Common stock: $8 par value, 85,900 shares authorized

During the current year, the following transactions occurred in the order given:

a. Issued 23,300 shares of common stock for $12 per share.
b. Sold 7,700 shares of the preferred stock at $23 per share.
c. Sold 2,100 shares of the preferred stock at $23 per share and 2,000 shares of common stock at $13 per share.

Required:
Provide the journal entries required to record each of the transactions in (a) through (c).

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Recording Transactions Affecting Stockholders’ Equity King Corporation began operations in January...