2 During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 8 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share. 10 points Feb. 12 Sold 2 million common shares, for $9 per share. 13 Issued 40,000 common shares to attorneys in exchange for legal services. 13 Sold 80,000 of its common shares and 4,000 preferred shares for a total of $945,000. Nov. 15 Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,688,000. Required: Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Answer is complete but not entirely correct. No Date General Journal Credit Debit 2,000,000 X 1 February 12 Cash Common stock Paid-in capital - excess of par, common 200,000 X 1,800,000 X OOO OOO 2 February 13 350,000 X Legal expenses Com: stock 35,000 315,000 Paid-in capital - excess of par, common 2 X Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 February 12 Cash 2,000,000 X 10 points Common stock 200,000 X 1,800,000 X Paid-in capital - excess of par, common 2 February 13 350,000 X Legal expenses Common stock 35,000 Paid-in capital - excess of par, common 315,000 X 3 February 13 Cash 1,015,000 X Common stock Paid-in capital - excess of par, common 76,000 X 684,000 X 200,000 55,000 Preferred stock Paid-in capital - excess of par, preferred 4 November 15 3,908,000 Property, plant, and equipment Common stock 400,000 X 3,508,000 X Paid-in capital - excess of par, common