5 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 115 million common shares, $1 par per share. 2. points Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 80 million common shares for $22 per share. Mar. 11 Issued 5,500 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $22 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). General Journal Date Sept. 1 Common stock Retained earnings Cash ($ in millions) Debit Credit 4 104 198 Dec. 1 56 Cash Common stock Gain on sale of previously issued shares 54 Required: 5 Dec. 1 56 Cash Common stock Gain on sale of previously issued shares 2 54 2 points Required: Prepare the journal entries that should have been recorded for each of the transactions. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Part A Part B Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather than millions (i,e., 10 million should be entered as 10,000,000).) No Date General Journal Debit Credit 1 Jan. 9 Cash 1,760 X Common stock OOO 80 X Paid-in capital - excess of par 1,680 X 2 Mar. 11 121.000 Equipment Common stock 5,500 115,500 Paid-in capital - excess of par Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does no LUI IV 5 Dec. 1 56 Cash Common stock Gain on sale of previously issued shares 2 54 2 points Required: Prepare the journal entries that should have been recorded for each of the transactions. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Part A Part B Prepare the journal entries that should have been recorded for each of the transactions. (Enter your answers in dollars rather than millions (i,e., 10 million should be entered as 10,000,000).) Date General Journal Debit Credit No 1 Sept. 1 4 x Common stock Paid-in capital - excess of par Retained earnings Cash OOO 84 X 20 x 108 2 Dec. 1 Cash 56 X Common stock Paid-in capital - excess of par 2x 54 X 5 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 115 million common shares, $1 par per share. 2. points Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 80 million common shares for $22 per share. Mar. 11 Issued 5,500 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $22 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). General Journal Date Sept. 1 Common stock Retained earnings Cash ($ in millions) Debit Credit 4 104 198 Dec. 1 56 Cash Common stock Gain on sale of previously issued shares 54 Required: 5 Dec. 1 56 Cash Common stock Gain on sale of previously issued shares 2 54 2 points Required: Prepare the journal entries that should have been recorded for each of the transactions. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Part A Part B Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather than millions (i,e., 10 million should be entered as 10,000,000).) No Date General Journal Debit Credit 1 Jan. 9 Cash 1,760 X Common stock OOO 80 X Paid-in capital - excess of par 1,680 X 2 Mar. 11 121.000 Equipment Common stock 5,500 115,500 Paid-in capital - excess of par Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does no LUI IV 5 Dec. 1 56 Cash Common stock Gain on sale of previously issued shares 2 54 2 points Required: Prepare the journal entries that should have been recorded for each of the transactions. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Part A Part B Prepare the journal entries that should have been recorded for each of the transactions. (Enter your answers in dollars rather than millions (i,e., 10 million should be entered as 10,000,000).) Date General Journal Debit Credit No 1 Sept. 1 4 x Common stock Paid-in capital - excess of par Retained earnings Cash OOO 84 X 20 x 108 2 Dec. 1 Cash 56 X Common stock Paid-in capital - excess of par 2x 54 X