a window shows your responses and what was marked correct and incorrect from your previous attempt. 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 110,000,030 common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction Jan. 9 Issued 70,000,000 cormon shares for $20 per share. Mar. 11 Tasued 5,400 shares in exchange for custom-made equipment. Mecollum's shares have traded recently on the stock exchange at $20 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 hares that it reacquires (restores their status to that of authorized but unissued shares). Date Jan. 12 Credit General Journal Land Paid-in capital donation of land Debit 5.000.000 5,000,000 5,000,000 Sept. 1 Common stock Retained earnings Cash 2,000,000 48,000,000 60.000 ,0,000 50,000,000 Dec. 1 Cash 26,000,000 Common stock Gain on sale of previously issued shares 1.000.000 25,000,000 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 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.) Complete this question by entering your answers in the tabs below. Part A Part B Prepare the appropriate journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date Credit Dobit 1,400 Jan. 9 General Journal Cash Common stock Paid-in capital excess of par 70% 1,330 Mar. 11 Equipment 108,000 Common stock Paid-in capital excess of par 54,000 102,600 Part B > 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. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) Date General Journal Credit Debit 5 Jan. 12 Land Paid-in capital excess of par 5 % Sept. 1 Common stock Paid-in capital excess of par Retained earnings Cash oo oooo 50 Dec. 1 26 Cash Common stock Gain on sale of investments 25 ( Part A MacBook Air
