Exercise 18-5 Issuance of shares; noncash consideration [LO18-4 During its fret year of operations, Eastem Date Links Corporation entered into the following transactions relaling to sharehokders equity The artioles of incorporation authorized the issue of 6 million common hares, $1 par per share, and 1 million preferred shares, $50 par per share. Feb 12 Sold 2 million common shares, for $8 per share 3lssued 44,000 common shares to attormeys in exchange for legal services. Nov 15 lssued 446,000 of i 3 Sold 71,000 of its common shares and 8,500 preferred shares for a total of $1,060,000. ta common shares in exchange for equipment for which the cash price was known to be $4,088,000 Note: FMV of the common slock is $8 per share Required Prepare the appropriate jounal entries to reoord each transaction. (f 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 $8 per share Note: Entee debits befere credts General Journal Debit Credit February 12 Record entry Clear entry View general journal