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 120 million common shares, \$1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. I Issued 90 mililion comton shares for $30 per share. Mar. 11 Issued 6,000 shares in exehange for costom-nado equipment. Mocollum'a shares have traded recently on the stock exchange at $30 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries dilring the second year of operations. McColtum retires shares that it reacquires (restores their status to that of authorized but unissued 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. Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather than milions (i,e.., 10 million should be entered as 10,000,000).) Journal entry worksheet Record the issue of 90 million common shares for $30 per share. Note: Enter debits before credits