During its first year of operations, Cole's Electronics Inc. completed the following transactions relating to shareholders' equity.

January5:Issued 2,000,000 shares of common stock for $35 per share.February12:Issued 30,000 shares of common stock to accountants for $1,050,000 of professional services.

The articles of incorporation authorize 5,000,000 shares of common stock with a par of $1 per share and 1,000,000 preferred shares with a par of $100 per share.

Required:

Record the above transactions in general journal form.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)