Exercise $18-5($Algo$)$ Issuance of shares; noncash consideration $[$LO$18-4]$

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.

February $12$ Sold $2$ million common shares, for $$8$ per share.

February $13$ Issued $41,000$ common shares to attorneys in exchange for legal services.

February $13$ Sold $81,000$ of its common shares and $7,000$ preferred shares for a total of $$1,045,000.$

November $15$ Issued $430,000$ of its common shares in exchange for equipment for which the cash price was known to be $$4,028,000.$

Required:

Prepare the appropriate journal entries to record each transaction.

Note: 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 and not in millions.

Journal entry worksheet

Sold $81,000$ of its common shares and $7,000$ preferred shares for a total of

$$1,045,000.$

Note: Enter debits before credits.