• 2. Record the issue of 4,500 shares in exchange for custom-made equipment. McCollums shares have traded recently on the stock exchange at $18 per share.for thable above
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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 100.000,060 common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 50,080,888 common shares for $18 per share. Mar. 11 Issued 4,500 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $18 per share. 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 shares). Credit Date General Journal Jan. 12 Land Paid-in capital-donation of land Debit 5,800,000 5,800,000 Sept. 1 Common stock Retained earnings Cash 2,000,000 44,000,000 46,800,000 Dec. 1 24,000,000 Cash Common stock Gain on sale of previously issued shares 1,000,000 23,800, eee 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 B Daarhriata Alanie Podhracat Part A Part B Prepare the appropriate journal entries to record each transaction. (If no entry is required for a transaction/event, select "N entry required in the first account field.) View transaction ist Journal entry worksheet Record the issue of 50,000,000 million common shares for $18 per share. Note: Enter debits before credits. General Journal Debit Credit Date Jan. 9 Record entry Clear entry View general Journal (Part A Part B > Part A Part B Prepare the journal entries that should have been recorded for each of the transactions. (If no entry is required for a transaction/event. select "No journal entry required in the first account field.) View transaction llat Journal entry worksheet Record the donation of land. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 12 Record entry Clear entry View general Journal