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 9 million common shares, $1 par per share, and 2 million preferred shares, $50 par per share.

February 12	Sold 4 million common shares, for $10 per share.
February 13	Issued 44,000 common shares to attorneys in exchange for legal services.
February 13	Sold 80,000 of its common shares and 3,000 preferred shares for a total of $980,000.
November 15	Issued 365,000 of its common shares in exchange for equipment for which the cash price was known to be $3,768,000.

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.