Need in less than 2 hours please! King Corporation began operations in January o

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Need in less than 2 hours please!

King Corporation began operations in January of the current year. The charter authorized the following stock: Preferred stock: 10 percent, $13 par value, 41,700 shares authorized Common stock: $8 par value, 85,400 shares authorized During the current year, the following transactions occurred in the order given: a. Issued 23,500 shares of common stock for $12 cash per share b. Sold 7,800 shares of the preferred stock at $23 cash per share c. Sold 2,300 shares of the preferred stock at $23 cash per share and 1,800 shares of common stock at $13 cash per share. Required Provide the journal entries required to record each of the transactions in (a) through (c). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Issued 23,500 shares of common stock for $12 cash per share. Note: Enter debits before credits Transaction General Journal Debit Credit

Explanation / Answer

a Cash 282000 =23500*12      Common stock 188000 =23500*8      Paid in capital in excess of par-Common stock 94000 b Cash 179400 =7800*23      Preferred stock 101400 =7800*13      Paid in capital in excess of par-Preferred stock 78000 c Cash 52900 =2300*23      Preferred stock 29900 =2300*13      Paid in capital in excess of par-Preferred stock 23000 Cash 23400 =1800*13      Common stock 14400 =1800*8      Paid in capital in excess of par-Common stock 9000

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