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 7 million common shares, $1 par per share, and 3 million preferred shares, $50 par per share. Feb. 12 Sold 4 million common shares, for $8 per share. 13 Issued 40,000 common shares to attorneys in exchange for legal services. 13 Sold 80,000 of its common shares and 6,500 preferred shares for a total of $1,040,000. Nov. 15 Issued 425,000 of its common shares in exchange for equipment for which the cash price was known to be $4,008,000. 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 Sold 4 million common shares, for $8 per share. Note: Enter debits before credits. Date General Journal Debit Credit February 12 Record entry Clear entry View general journal