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 $117$ million common shares, $$1$ par per share.

Required:

Prepare the appropriate journal entries to record each transaction.

January $9$ Issued $80$ million common shares for $$25$ per share.

March $11$ Issued $5,700$ shares in exchange for custom$-$made equipment. A$.$ Clem shares have traded recently on the

stock exchange at $$25$ 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$).$

Required:

Prepare the journal entries that should have been recorded for each of the transactions.

Answer is complete but not entirely correct.

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

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 $($i$,$e$.,10$ million should be entered as $10,000,000).$

Please fix Part B