Madison Shoes manufactures athletic shoes and sports apparel. Assume the following activities occurred during a recent year. The

dollar amounts in $($a$)$ and $($b$)$ are presented $"$in millions," and the dollar amount in $($c$)$ is per share. When reporting amounts $"$in millions,"

exclude the $000,000.$

a$.$ Purchased $$222$ in equipment; paid by signing a $$6$ long$-$term note and fulfilling the rest with cash.

b$.$ Issued $$22$ in additional common stock for cash contributions made by stockholders.

c$.$ Several Madison Shoes investors sold their own stock to other investors on the stock exchange for $$140$ per share of stock.

Required:

For each of the events above, prepare journal entries.

Which statement best describes transaction $(c?$

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required $1$

For each of the events above, prepare journal entries. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry

Required" in the first account field. Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).)$