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 $100,000,030 common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued $30,000,000 common shares for $14 per share. Mar. 11 Issued 4,200 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $14 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) Date Jan. 12 Land General Journal Debit 2,000,000 Credit Paid-in capital-donation of land 2,000,000 4,000,000 2,000,000 Sept.1 Common stock Retained earnings Canh 6,000,000 Dec. 1 Cash 40,000,000 Common stock Gain on sale of previously issued shares 2,000,000 8,000,000 No Date General Journal Debit Credit Jan. 12 Land 2,000,000 Donation revenue 2,000,000 4,000,000 72,000,000 Sept. 1 Common stock Paid-in capital excess of par Cash 76,000,000 8 40,000,000 Dec. 1 Cash Common stock 2,000,000 38,000,000 Paid-in capital- excess of par