Issued 23,600 shares of common stock to each of the three organizers and collected $10 cash per share from each of them. 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 fieldKing Corporation began operations in January 2014. The charter authorized the following capital stock: Preferred stock: 10 percent, $11 par, authorized 40,600 shares Common stock: $6 par, authorized 86,600 sharesDuring 2014, the following transactions occurred in the order given: Solution Journal entriesAccount Title & ExplainationDebitCredita)Cash236000Common Stock141600Additional Paid in Capital- Common Stock94400b)Cash174300Preferred Stock91300Additional Paid in Capital- Preferred Stock83000C)Cash16500Common Stock9000Additional Paid in Capital- Common Stock7500Cash56700Preferred Stock29700Additional Paid in Capital- Preferred Stock27000.