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 200 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Jan. 9 Issued 90 million common shares for $30 per share. Mar. 11 Issued 6,000 shares in exchange for custom-made equipment. McCollums shares have traded recently on the stock exchange at $30 per share. 1.Record the entry of related to the issued common stock. 2.Record the entry of related to the issued equipment. PART B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). ($ in millions) Date General Journal Debit Credit Jan. 12 Land 5 Paid-in capitaldonation of land 5 Sept. 1 Common stock 2 Retained earnings 68 Cash 70 Dec. 1 Cash 36 Common stock 1 Gain on sale of previously issued shares 35 Required: Prepare the journal entries that should have been recorded for each of the transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1.Record the entry of donation of land. 2.Record the entry of related to common stock. 3.Record the entry of related to common stock.