Check my work 4 Exercise 18-5 (Algo) Issuance of shares; noncash consideration (L018-4) 33 Ants 04:57:13 Skipped 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 9 million common shares, $1 par per share, and 3 million preferred shares. $50 par per share. Feb. 12 Sold 2 million common shares, for $10 per share. 13 Issued 40,000 common shares to attorneys in exchange for legal services. 13 Sold 72,000 of its common shares and 5,000 preferred shares for a total of $1,000,000. Nov. 15 Isued 385,000 of its common shares in exchange for equipment for which the cash price was known to be $3,848,000. 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.) Book Print References View transaction list Journal entry worksheet 1 2 3 Sold 2 million common shares, for $10 per share. Noter Enter debits before credits Exercise 18-5 (Algo) Issuance of shares; noncash consideration (L018-4) During its first year of operations, Eastern Datalinks Corporation entered into the following transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 9 million common shares, $1 par per share, and 3 million preferred shares, $50 par per share. Feb. 12 Sold 2 million common shares, for $10 per share. 13 Issued 48,000 common shares to attorneys in exchange for legal services. 13 Sold 72,000 of its common shares and 5,000 preferred shares for a total of $1,000,000. Nov. 15 Issued 385,000 of its common shares in exchange for equipment for which the cash price was known to be $3,848,000. 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 Exercise 18-5 (Algo) Issuance of shares; noncash consideration (LO18-4) 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 9 million common shares, $1 par per share, and 3 million preferred shares, $50 par per share. Feb. 12 Sold 2 million common shares, for $10 per share. 13 Issued 48,000 common shares to attorneys in exchange for legal services. 13 Sold 72,000 of its common shares and 5,000 preferred shares for a total of $1,000,000. Nov. 15 Issued 385,000 of its common shares in exchange for equipment for which the cash price was known to be $3,848,000. 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 1 2 3 4 Sold 72,000 of its common shares and 5,000 preferred shares for a total of $1,000,000 Exercise 18-5 (Algo) Issuance of shares; noncash consideration (LO18-4) 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 9 million common shares, $1 par per share, and 3 million preferred shares, $50 par per share. Feb. 12 sold 2 million common shares, for $10 per whare. 13 Issued 48,000 common shares to attorneys in exchange for legal services. 13 sold 72,000 of its common shares and 5,000 preferred shares for a total of $1,000,000. Nov. 15 Ingued 385,000 of its common shares in exchange for equipment for which the cash price was known to be $3,848,000. 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 1 2 3 4 Issued 385,000 of its common shares in exchange for equipment for which the cash price was known to be $3,848,000. Note: Enter debits before credits