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 per share.

Problem 181 (Algo) Various stock transactions; correction of journal entries [LO18-4] 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 aillion comon shaces for $20 per share. Mar. 11 Issued 4,660 shares in exchange for custan-made equipnent. Mccollum's shares have traded recently on the stock exctanige 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 thot it reacquires (restores their status to that of authorized but unissued shores). Reaulred: Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather than millions (l.6., 10 million should be entered as 10,000,000) ). Journal entry worksheet Record the issue of 50 mililon common shares for $20 per share. Totes finter debits before credes. Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather than millions (i,e., 10 milion should be entered as 10,000,000).) Journal entry worksheet 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. Note: triter deblits betore credits: Prepare the journal entries that should have been recorded for each of the transactions. (Enter your answers in dollars rather than millions (1,e4,10 million should be entered as 10,000,000).) Journal entry worksheet Record the stock transaction occurring on Sept. 1. Noter tnter debitu before creditak Prepare the journal entries that should have been recorded for each of the transactions. (Enter your answers in dollars rather than militions (i,e., 10 million should be entered as 10,000,000).) Journal entry worksheet Record the stock transaction occurring on Dec. 1. Note: Inter debits before credies