Exercise 18-5 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 3 million preferred shares $50 par per share. Feb. 12 Sold 2 million common shares, for $10 per share 13 Issued 48,000 common shares to attorneys in exchange for legal services. 13 Sold 72,000 of its common shares and 5,000 preferred shares for a total of $1,000,000. Nov. 15 Issued 385,000 of its common shares in exchange for equipment for which the cash price was knovn to be $3,848,000. 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.) View transaction list Journal entry worksheet Sold 2 million common shares, for $10 per share Journal entry worksheet 2 3 4 Sold 2 million common shares, for $10 per share. Note: Enter debits before credits. Date General Journal Debit Credit February 12 Record entry Clear entry View general ournal Journal entry worksheet 4 Issued 48,000 common shares to attorneys in exchange for legal services. Note: Enter debits before credits. Date General Journal Debit Credit February 13 Record entry Clear entry View general journal Journal entry worksheet 4 Sold 72,000 of its common shares and 5,000 preferred shares for a total of $1,000,000 Note: Enter debits before credits. Date General Journal Debit Credit February 13 View general journal Record entry Clear entry Journal entry worksheet 2 4 Issued 385,000 of its common shares in exchange for equipment for which the cash price was known to be $3,848,000. Note: Enter debits before credits. Date General Journal Debit Credit November 15 Record entry Clear entry View general journal