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 116 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 $24 per share. Mar. 11 Issued 5,600 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $24 per share. Part B. A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). Date Sept. 1 General Journal Common stock Retained earnings Cash ($ in millions) Debit Credit 2 56 58 Dec. 1 30 Cash Common stock Gain on sale of previously issued shares 1 29 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 Journal entry worksheet Record the issue of 80 million common shares for $24 per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 9 Record entry Clear entry View general journal Part A Part B Prepare the journal entries that should have been recorded for each of the transactions. (Enter your answers in dollars rather than millions (i,e., 10 million should be entered as 10,000,000).) View transaction list Journal entry worksheet Record the stock transaction occurring on Sept. 1. Note: Enter debits before credits. General Journal Debit Credit Date Sept. 1 Record entry Clear entry View general journal