Part A:

-Record the issue of 30,000,000 million common shares for $15 per share.

-Record the issue of 4,300 shares in exchange for custom-made equipment. McCollums shares have traded recently on the stock exchange at $15 per share.

Part B:

-Record the donation of land.

-Record the stock transaction occurring on Sept. 1.

-Record the stock transaction occurring on Dec. 1.

6 1 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 100,000,040 common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. points Skipped eBook Jan. 9 Issued 30,000,000 common shares for $15 per share. Mar. 11 Issued 4,300 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $15 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). Print General Journal Debit Credit References Date Jan. 12 Land 3,000,000 Paid-in capital- donation of land 3,000,000 Sept. 1 Common stock Retained earnings Cash 2,000,000 118,000,000 120,000,000 Dec. 1 21,000,000 1,000,000 Cash Common stock Gain on sale of previously issued shares 20,000,000 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.)