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. Feb. 12 Sold 3 million common shares, for $10 per share. 13 Issued 39,000 common shares to attorneys in exchange for legal services. 13 Sold 72,000 of its common shares and 6,000 preferred shares for a total of $1,035,000. Nov. 15 Issued 420,000 of its common shares in exchange for equipment for which the cash price was known to be $3,988,000. Required: Prepare the appropriate journal entries to record each transaction. Sold 3 million common shares, for $10 per share. Issued 39,000 common shares to attorneys in exchange for legal services. Sold 72,000 of its common shares and 6,000 preferred shares for a total of $1,035,000. Issued 420,000 of its common shares in exchange for equipment for which the cash price was known to be $3,988,000.