Problem 18-1 (Algo) Various stock transactions, correction of journal entries (L018-4] 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 103 million common shares, S1 par per share Required: Prepare the appropriate journal entries to record each transaction Jan. Issued 30 lion common shares for 514 per share, Mar. 11 Issued 4,200 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchanges $14 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 unlssued shares) (s in millions) General Journal Credit Date Sept. 1 Common stock Retained earnings Cash Debit 4 72 26 Det. 1 Cash 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). (5 in millions) General Journal Debit Credit Sept. 1 Common stock Retained earnings 76 Date 4 72 Cash Dec. 1 40 Cash Common stock Gain on sale of previously issued shares 2 38 Required: Prepare the journal entries that should have been recorded for each of the transactions