NIKE 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. Purchased $216 in equipment; paid by signing a $5 long-term note and fulfilling the rest with cash. Issued $21 in additional common stock for cash contributions made by stockholders. Several NIKE investors sold their own stock to other investors on the stock exchange for $110 per share of stock.

Required:

1. For each of the events above, prepare journal entries.
2. Which statement best describes transaction transaction (c)?