1 Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity The corporation was authorized to issue 101 million common shares, S1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 48 million common shares for $10 per share. Mar. 11 Issued 4.8ee shares in exchange for custom made equipment. McCollum's shares have traded recently on the stock exchange at $10 per share. Print Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shores) Date Sept. 1 General Journal Common stock Retained carnings Cash (5 in millions) bebit Credit 4 56 ce Dec. 1 Cash Common stock Gain on sale of previously issued shares 32 2 3e Required: Prepare the journal entries that should have been recorded for each of the transactions Complete this question by entering your answers in the tabs below. Part A Part 1 Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather than millions (t.e, 10 million should be entered as 10,000,000):) View tranesction list W X 1 Record the issue of 40 million common shares for $10 per share. > 2 Record the issue of 4,000 shares in exchange for custom- made equipment. McCollum's shares have traded recently on the stock exchange at $10 per share. Credit Note: = journal entry has been entered Record entry Clear entry View general Journal Part B > Part A During the year of opersions, the McCour Corporetion entered into the following transactions relating to shareholders' equity The corporation des to issue 10 milion common shares. Si par per share. Required. Prepse te spoorisse jourg entries to record esch transaction J. Scores for 99 por share. 9.11 2.380 shares 5 charge for custosade equipeont. collum's shares have traded recently on the stock exchange at $13hs. Part B A new stat accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares thet it reacquires restores their status to that of authorized but unissued shares) Date Sept. 1 General Journal is in millions) bebit Credit Conon stock Retained carsong 56 se Dec. 1 Cash Cocon stock Gain on sale of previezly issued shares 32 2 Required: Prepare the journal entries that should have been recorded for each of the transactions Complete this question by entering your answers in the tabs below. Part A Part 8 Prepare the journal entries that should have been recorded for each of the transactions. (Enter your answers in dollars rather than millions (ie, 10 million sheuld be entered as 10,000,000).) View transaction is x 1 Record the stock transaction occurring on Sept. 1. > 2 Record the stock transaction valurring on Dec. Credit Nole journal entry has been entered Record entry View general journal Part A