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 110 million common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued 60 million common shares for $25 per share. Mar. 11 Issued 4,900 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $25 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). Date Sept. 1 General Journal Common stock Retained earnings Cash ($ in millions) Debit Credit 4 116 120 Dec. 1 62 Cash 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. View transaction list :X: 1 > Record the issue of 60 million common shares for $25 per share. 2 Record the issue of 4,900 shares in exchange for custom- made equipment. McCollum's shares have traded recently on the stock exchange at $25 per share. Credit Note : = journal entry has been entered Record entry Clear entry View general journal DA Part B View transaction list X: 1 Record the stock transaction occurring on Sept. 1. > 2 Record the stock transaction occurring on Dec. 1. Credit Note : = journal entry has been entered Record entry Clear entry View general journal Port A