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 117 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 80 million common shares for $25 per share. Mar. 11 Issued 5,700 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $25 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). Date Sept. 1 General Journal ($ in millions) Debit Credit Common stock 4 Retained earnings 116 Cash 120 Dec. 1 Cash 62 Common stock Gain on sale of previously issued shares 2 60 Required: Prepare the journal entries that should have been recorded for each of the transactions. Complete this question by entering your answers in the tabs below. Part A Part B Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather than millions (i,e., 10 million should be entered as 10,000,000).) View transaction list View journal entry worksheet +