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 $110,000,040 common shares, S1 par per share. Required: Prepare the appropriate journal entries to record each transaction 3an. 9 Issued $86,eee, eee common shares for $22 per share. Har. 1 issued shares in exchange for custom-made equipment- McCollum's shares have traded recently on the stock exchange at $22 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 2,000,00e Credit Paid-in capital-donation of land 2,60a,0ee Sept. 1 Comson stock 4,000,000 184,eee,eee Retained earnings Cash 08,000,080 Dec. 1 Cash 56,8e0,000 Common stock Gain on sale of prevhously issued shares 2,000,000 54,000,000 Required: Prepare the journal entries that should have been recorded for each of the transactions