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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 8 million common shares, $1 par per share, and 1 million preferred shares $50 par per share. Feb. 12 Sold 2 million common shares, for $9 per share. 13 Issued 48,888 common shares to attorneys in exchange for legal services 13 Sold 88,000 of its common shares and 4,000 preferred shares for a total of $945,800 Nov. 15 Issued 380,000 of its common shares in exchange for equipment for uhich the cash price was known to be $3,688,e00 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.) Journal entry worksheet Sold 2 m Prey7 of 15 E Next >

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