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 $6$ million common shares, $$1$ par per share, and $2$ million preferred shares,

$$50$ par per share.

February $12$ Sold $3$ million common shares, for $$8$ per share.

February $13$ Issued $41,000$ common shares to attorneys in exchange for legal services.

February $13$ Sold $81,000$ of its common shares and $4,500$ preferred shares for a total of $$900,000.$

Required:

Prepare the appropriate journal entries to record each transaction.

Note: 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 and not in millions.

Journal entry worksheet

Sold $3$ million common shares, for $$8$ per share.

Note: Enter debits

Date

February $12$

No journal entry required

Accounts payable

Accounts receivable

Accumulated depreciation