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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

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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 por 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 $1,635,000. 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. (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 3 million No journal entry required Accounts payable Note: Enter debits Accounts receivable Accumulated depreciation Date bit Credit February 12 Record entry Clear entry View general Journal Nov. 15 Issued 420,00 OT 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. (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 39,000 common shares to attorneys in exchange for legal services. Note: Enter debits No journal entry required Accounts payable bit Credit Date February 13 Accounts receivable Accumulated depreciation Record entry Clear entry View general Journal journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Sold 72,000 of its common shares and 6,000 preferred shares for a total of $1,035,000 Note: Enter debits bit Credit Date February 13 No journal entry required Accounts payable Accounts receivable Accumulated depreciation Record entry Clear entry View general Journal 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

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