1.5 1 Part A During its first year of operations, the A. Clem Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 113 million common shares, $1 par per share. points Required: eBook Prepare the appropriate journal entries to record each transaction. January 9 Issued 70 million common shares for $30 per share. March 11 Issued 5,300 shares in exchange for custom-made equipment. A. Clem shares have traded recently on the stock exchange at $30 per share. Print Part B A new staff accountant for the A. Clem Corporation recorded the following journal entries during the second year of operations. A. Clem retires shares that it reacquires (restores their status to that of authorized but unissued shares). References Date September 1 General Journal ($ in millions) Debit Credit Common stock 4 Retained earnings 136 Cash 140 December 1 Cash 72 Common stock 2 Gain on sale of previously issued shares 70 Required: Prepare the journal entries that should have been recorded for each of the transactions.