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 111 million common shares, \$1 par per share. Required: Prepare the approprlate journal entrles to record each transaction. Jan. 9 Issued 60 million common shares for $26 per share. Mar. 11 Issued 5,100 shares in exchange for custon-nade equipment. McCollun's shares have traded recentiy on the stock exchange at $26 per share. Part B A new staff accountant for the McCollum Corporatlon recorded the following Journal entrles during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorlzed 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 millions (i,e., 10 million should be entered as 10,000,000).) Journal entry worksheet Record the issue of 60 million common shares for $26 per share. Wote: Enter debita befara cred its. Prepare the appropriate journal entries to record each transaction. Enter your answers in dollars rather than millions (i,e, 10 million should be entered as 10,000,000).) Journal entry worksheet Record the issue of 5,100 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $26 per share. Nate: Enter debits betrita credits. Prepare the journal entries that should have been recorded for each of the transactions. (Enter your answers in dollars rather than millions (i,e., 10 million should be entered as 10,000,000) ). Journal entry worksheet Nate: Entar debits before oredts. repare the journal entries that should have been recorded for each of the transactions. (Enter your answers in dollars rather than milions (i,e, 10 million should be entered as 10,000,000).) Journal entry worksheet Wote: Ent ar debith bctore cred ts