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 $100,000,030 common shares, $1 par per share Required: Prepare the appropriate journal entries to record each transaction Jan. 9 Issued $30,000,000 common shares for $14 per share Mar. 11 Issued 4,200 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $14 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) General Journal Debit Date Jan. 12 Land Credit 2,000,000 Paid-in capital-donation of land 2,000,000 Sept. 1 Comon stock 4,000,0e0 72,000,000 Retained earnings Cash 76,000,800 Dec. Cash 40,000,000 Common stock Gain on sale of previously issued shares 2,000,000 38,000,000 Saved Help Save & Exit Submit Date Jan. 12 Land Debit 2,000,000 General Journal Credit Paid-in capital-donation of land 2,000,00e Sept. 1 Common stock 4,000,000 72,800,800 Retained earnings Cash 76,000,000 Dec. Cash 40,000,000 Common stock Gain on sale 2,800,000 38,800,000 of previously issued shares 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Prev 5 of 15 Next>