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.

Answer is not complete.

$\backslash$table$[[$No$,$Date,General Journal,,Debit,Credit$],[1,$February $12,$Cash,$(,16,000,000,],[,$Common stock,$\backslash$theta $,,2,000,000],[,$Paid$-$in capital $-$ excess of par, commo,V$,,14,000,000],[2,$February $13,$Legal expenses,Q$,1,045,000\backslash$times $,],[,$Common stock,$(,,41,000],[,$Paid$-$in capital $-$ excess of par, commo,V$,,1,004,000\backslash$times $],[3,$February $13,$Cash,V$,588,000,],[,$Common stock,$\backslash$theta $,,81,000],[,$Preferred stock,V$,,350,000],[,$Paid$-$in capital $-$ excess of par, commo,grad,,$157,000$x$],[4,$November $15,$Depreciation expense,x$,,],[,$Common stock,V$,,],[,$Paid$-$in capital $-$ excess of par, common,$\backslash$theta $,,]]$