During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders equity. The corporation was authorized to issue 190 million common shares, $1 par per share.

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.)

Jan. 9	Issued 60 million common shares for $24 per share.
Mar. 11	Issued 4,800 shares in exchange for custom-made equipment. McCollums shares have traded recently on the stock exchange at $24 per share 1. Record the entry of related to the issued common stock. 2. Record the entry of related to the issued equipment.