Part A During its first year of operations, the A. Clem Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. January 9 Issued 40 million common shares for $20 per share. March 11 Issued 5,000 shares in exchange for custom-made equipment. A. Clem shares have traded recently on the stock exchange at $20 per share. Part B A new staff accountant for the A. Clem Corporation recorded the following journal entries during the second year of operations. A Clem retires shares that it reacquires (restores their status to that of authorized but unissued shares) Date September 1 General Journal Common stock Retained earnings Cash December 1 Cash Common stock Gain on sale of previously issued shares (5 in millions) Debit Credit 2 48 58 26 25 Required: Prepare the journal entries that should have been recorded for each of the transactions. Complete this question by entering your answers in the tabs below. Part A Part B Prepare the appropriate journal entries to record each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars rather than millions (ie., 10 million should be entered as 10,000,000). View transaction list Journal entry worksheet Required: Gain on sale of previously issued shares Prepare the journal entries that should have been recorded for each of the transactions. Complete this question by entering your answers in the tabs below. Part A Part B Prepare the appropriate journal entries to record each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars rather than millions (i,e., 10 million should be entered as 10,000,000). View transaction list Journal entry worksheet 1 2 Record the issue of 40 million common shares for $20 per share. Note: Enter debits before credits. Date January 09 General Journal Debit Credit View general journal Record entry Clear entry Gain on sale of previously issued shares Required: Prepare the journal entries that should have been recorded for each of the transactions. Complete this question by entering your answers in the tabs below. Part A Part B 25 Prepare the journal entries that should have been recorded for each of the transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars rather than millions (1,e., 10 million should be entered as 10,000,000). View transaction list Journal entry worksheet 1 2 Record the stock transaction occurring on September 1. Note: Enter debits before credits. Date September 01 General Journal Debit Credit Record entry Clear entry View general journal