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 Tan. I Iasued 90 mitilion conmon whares for $30 per share. Kar, 11 Ispued 6,000 shares in exchange for custom-made equipment. Mecollum'i shares have traded recently on the ntoek exohange at $30 per ohare. 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). 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, Journal entry worksheet Record the issue of 6,000 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $30 per share. Note: Enter debits before credits