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 120 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 90 million common shares for $30 per share. Mar. 11 Issued 6,000 shares in exchange for custom-made equipment. McCollum's shares. have traded recently on the stock exchange at $30 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). Date General Journal Sept. 1 Common stock Retained earnings Cash Dec. 1 Cash Common stock Gain on sale of previously issued shares ($ in millions) Debit Credit 2 68 70 36 35 15 Part A Part B Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather should be entered as 10,000,000).) View transaction list Journal entry worksheet < 2 Record the issue of 90 million common shares for $30 per share. Note: Enter debits before credits. Date Jan. 9 General Journal Debit Credit > Part A Part B Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather should be entered as 10,000,000).) View transaction list Journal entry worksheet < 1 2 Record the issue of 6,000 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $30 per share. Note: Enter debits before credits. Date Mar. 11 General Journal Debit Credit > Part A Part B Prepare the journal entries that should have been recorded for each of the transactions. (Enter you millions (i,e., 10 million should be entered as 10,000,000).) View transaction list Journal entry worksheet 1 2 Record the stock transaction occurring on Sept. 1. Note: Enter debits before credits. Date Sept. 1 General Journal Debit Credit Part A Part B Prepare the journal entries that should have been recorded for each of the transactions. (Enter your a millions (i,e., 10 million should be entered as 10,000,000).) View transaction list Journal entry worksheet < 1 2 Record the stock transaction occurring on Dec. 1. Note: Enter debits before credits. Date Dec. 1 General Journal Debit Credit >