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Exercise 18-5 (Algo) Issuance of shares; noncash consideration [LO18-4] During its first year of operations, Eastern Data Links Corporation entered into the following transactlons relating to shareholders' equity. The articles of incorporation authorized the issue of 7 million common shares, $1 par per share, and 3 million preferred shares, $50 par per share. February 12 Sold 4 million common shares, for $8 per share. February 13 Issued 40,800 common shares to attorneys in exchange for legal services. February 13 Sold 80,080 of its common shares and 6,508 preferred shares for a total of $1,840,080. November 15 Issued 425,000 of its common shares in exchange for equipment for which the cash price was known to be $4,008,000. Required: Prepare the appropriate journal entries to record each transaction. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions