2.Issued 40,000 common shares to attorneys in exchange for legal services.

3.Sold 80,000 of its common shares and 4,000 preferred shares for a total of $945,000

4.Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,688,000.

During its tirst year ot operations, Eastern Data Links Corporation entered into the tollowing 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. 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.) View transaction list Journal entry worksheet 2 4 Sold 2 million common shares, for $9 per share. Note: Enter debits before credits. Date General Journal Debit Credit February 12