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Please answer ASAP 1. During its first year of operations, Yankee Communications entered into the following transactions relating to shareholders' equity. The articles of incorporation

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1. During its first year of operations, Yankee Communications entered into the following transactions relating to shareholders' equity. The articles of incorporation authorized the issue of 240 million common shares, $1 par per share, and 30 million preferred shares, $50 par per share Required: Prepare the appropriate journal entries to record each transaction: Sold 60 million common shares, for $10 per share. Issued 1 million common shares to attorneys in exchange for legal services. Sold 3 million of its common shares and 1 million preferred shares for $90 February 13 February 14 February 14 million Issued 190,000 of its common shares in exchange for equipment for which the cash price was known to be $1,844,000. November 16

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