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).

Date	General Journal	Debit	Credit
Jan. 12	Land	4,000,000
	Paid-in capitaldonation of land		4,000,000
Sept. 1	Common stock	2,000,000
	Retained earnings	56,000,000
	Cash		58,000,000
Dec. 1	Cash	30,000,000
	Common stock		1,000,000
	Gain on sale of previously issued shares		29,000,000

Required: Prepare the journal entries that should have been recorded for each of the transactions. 1.Record the donation of land.

2.Record the stock transaction occurring on Sept. 1

3.Record the stock transaction occurring on Dec. 1.