Exercise $18-5($Static$)$ Issuance of shares; noncash consideration $[$L$018-4]$

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 $$9$ per share.

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

February $13$ Sold $80,000$ of its common shares and $4,000$ preferred shares for a total of $$945,000.$

November $15$ Issued $380,000$ of its common shares in exchange for equipment for which the cash price was known to be $$3,688,000.$

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

$(1)$

$(2)$

$3$

$4$

Sold $80,000$ of its common shares and $4,000$ preferred shares for a total of $$945,000.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Fehruarv $13,$Cash,$-,945\mathrm{.}000,]]$