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 100 million common shares, $1 par per share.

Required:

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 whole dollars.)

Jan. 9	Issued 40 million common shares for $20 per share.
Mar. 11	Issued 5,000 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $20 per share.
	Note: I have already come up with a journal entry for Jan. 9th, which was: Cash 40 Common Stock 760 Paid-in Capital- excess of par 800 These numbers are incorrect according to Connect.