Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity The corporation was authorized to issue 107 million common shares, $1 par per share. Required: Prepare the appropriate Journal entries to record each transaction. Jan. 9 Issued 50 million common shares for $20 per share. Mar. 11 Issued 4,600 shares in exchange for custom-made equipment. MeCollum's shares have traded recently on the stoel exchange at $20 per share. Part B A new staff accountant for the McCollum Corporation recorded the following Journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). ($ in millions) Debit Credit Date Sept. 1 General Journal common stock Retained earnings Cash 100 Dec. 1 Cash Common stock Cain on sale of previously issued shares 2 50 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. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list 1 Record the issue of 50 million common shares for $20 per share. 2 Record the issue of 4,600 shares in exchange for custom made equipment. McCollum's shares have traded recently on the stock exchange at $20 per share. Credit Part A Part B Prepare the journal entries that should have been recorded for each of the transactions. (If no entry is required for a transaction/event! Welect "No journal entry required" in the first account field. Enter your answers in millions (I.e., 10,000,000 should be entered as 10).) View transaction list 1 Record the stock transaction occurring on Sept. 1. 2 Record the stock transaction occurring on Dec. 1. 1