Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equ The corporation was authorized to issue 101 million common shares. $1 par per share. Required: Prepare the appropriate journal entries to record each transaction Jan. 9 Issued 40 million common shares for $10 per share. Mar. 11 Issued 4,000 shares in exchange for custom-made equipment. MeCollum's shares have traded recently on the exchange at $10 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operatic McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares) Date Sept. 1 General Journal Common stock Retained earnings Cash ($ in millions) Debit Credit 4 56 60 32 Dec. 1 2 30 Cash Common stock Gain on sale of previously issued shares Required: Prepare the journal entries that should have been recorded for each of the transactions