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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 115 million common shares, $1 par per share. Jan. Required: Prepare the appropriate journal entries to record each transaction. 9 Issued 80 million common shares for $22 per share. Mar. 11 Issued 5,500 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $22 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares). ($ in millions) Debit Credit Date Sept. 1 General Journal Common stock Retained earnings Cash 104 108 Dec. 1 56 Cash Common stock Gain on sale of previously issued shares 2 54 Required: Prepare the journal entries that should have been recorded for each of the transactions. Part A Part B 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).) No Debit Credit Date Jan. 9 1 1,760 General Journal Cash Common stock Paid-in capital - excess of par 80 1,680 2 Mar. 11 121,000 Equipment Common stock Paid-in capital - excess of par >>> 5,500 115,500 Part A Part B Prepare the journal entries that should have been recorded for each of the transactions. (Enter your answers in dollars than millions (i,e., 10 million should be entered as 10,000,000).) No Date General Journal Debit Credit 1 Sept. 1 4 Common stock Retained earnings Cash 104 108 2 Dec. 1 Cash 56 Common stock 2 Paid-in capital - excess of par 54