Exercise 18-5 (Algo) Issuance of shares; noncash consideration [LO18-4]

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 7 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share.

Feb. 12 Sold 3 million common shares, for $9 per share. 13 Issued 46,000 common shares to attorneys in exchange for legal services. 13 Sold 86,000 of its common shares and 4,000 preferred shares for a total of $990,000. Nov. 15 Issued 375,000 of its common shares in exchange for equipment for which the cash price was known to be $3,808,000.

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.)