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.

Required: Prepare the appropriate journal entries to record each transaction.

Feb. $12$ Sold $2$ million common shares, for $$9$ per share

$13$ Issued $40,000$ common shares to attorneys in exchange for legal services

$13$ Sold $80,000$ of its common shares and $4,000$ preferred shares for a total of

$$945,000$

Nov. $15$ Issued $380,000$ of its common shares in exchange for equipment for which the

cash price was known to be $$3,688,000$